Q1 earnings dip at Chesnara
LANCASHIRE financial services investment group Chesnara has blamed flat economic conditions for falling profits.
The Preston-based group said first quarter pre-tax profits slip 16% to £7.3m in the three months to March 31.
Chesnara has several arms – Countrywide Assured, Save & Prosper Insurance and its subsidiary Save & Prosper Pensions, and Sweden-based Movestic. Last year it acquired Direct Line’s closed-book life division in a £60m deal.
It said its European Embedded Value (EEV) – the measure of a life insurer’s value – was up 1% to £379.9m.
The company is continuing to look for acquisitions. “We continue to see a number of potential acquisition opportunities and we will readily progress these if we see value and a clear strategic fit,” it said.
