Chesnara enjoys strong first half
CHESNARA, the listed holding company which owns life assurance assets in the UK and Sweden, has reported strong half year results.
The firm, which owns Countrywide Assured and Movestic Livförsäkringar, and has its head office in Preston said it was still looking for “value adding acquisition opportunities” after reporting a 134% increase in profits to £21.8m in the six months to June 30,
It said it had benefited from improved investment market conditions, while improvements were made to boost Movestic’s operational performance during the period.
Chief executive Graham Kettleborough said: “Good investment market performance, underpinned by the resilience of our underlying UK business and good progress in Sweden have, again, enabled us to deliver a strong set of results.
“Consequently, I am very pleased we are able to continue our dividend growth and declare a 2.5% increase in the interim dividend to 6.25p per share.”
Cheshnara’s EEV (European embedded value – the key measure of a life insurer’s value) increased 8.5% to £337.4m, up from £311.1m in December 2012.
