Chesnara PLC
F:6DE
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Chesnara PLC
F:6DE
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Chesnara PLC
Chesnara PLC is a life and pensions company that buys and runs closed books of insurance and retirement policies. Instead of selling new policies to lots of retail customers, it takes over old portfolios from other insurers and keeps administering them for the long term. Its main business is in the UK, the Netherlands, and Sweden, where it looks after policies that are no longer actively sold but still need claims handling, customer service, and investment management. The company makes money from the cash flows inside those insurance books: policy charges, investment income, and the release of value from the run-off of older policies over time. It also earns returns by managing the assets that back life and pension liabilities. Its customers are mainly policyholders and the insurers that sell or transfer these closed books, while regulators and trustees also matter because the business is tightly controlled. What makes Chesnara different is that it is a specialist owner of run-off insurance books rather than a traditional insurer chasing new sales. That gives it a business model built around steady administration, disciplined capital management, and careful handling of long-dated promises. Investors often view it as a focused consolidator in a niche part of the insurance industry, where value comes from managing existing policies well rather than growing fast.
Chesnara PLC is a life and pensions company that buys and runs closed books of insurance and retirement policies. Instead of selling new policies to lots of retail customers, it takes over old portfolios from other insurers and keeps administering them for the long term. Its main business is in the UK, the Netherlands, and Sweden, where it looks after policies that are no longer actively sold but still need claims handling, customer service, and investment management.
The company makes money from the cash flows inside those insurance books: policy charges, investment income, and the release of value from the run-off of older policies over time. It also earns returns by managing the assets that back life and pension liabilities. Its customers are mainly policyholders and the insurers that sell or transfer these closed books, while regulators and trustees also matter because the business is tightly controlled.
What makes Chesnara different is that it is a specialist owner of run-off insurance books rather than a traditional insurer chasing new sales. That gives it a business model built around steady administration, disciplined capital management, and careful handling of long-dated promises. Investors often view it as a focused consolidator in a niche part of the insurance industry, where value comes from managing existing policies well rather than growing fast.
Strong results: Operating capital generation rose 79% to GBP 96 million, while cash remittances increased 31% to GBP 73 million, supported by robust business performance, capital actions and the Chesnara Life acquisition.
Acquisition progress: Chesnara Life UK contributed GBP 51 million of operating capital generation and GBP 20 million of cash remittances in its first five months; data migration from HSBC remains on track for completion by the end of 2026.
Outlook: Management expects roughly GBP 100 million of 2026 operating capital generation before the one-off GBP 51 million Chesnara Life acquisition benefit, comprising mid-60s to high-60s of recurring generation and around GBP 30 million from management actions.
Balance sheet: The Solvency II coverage ratio was 185%, above the 180% pro forma estimate and the 140% to 160% operating range, leaving capacity for further acquisitions.
Growth pipeline: The proposed Scottish Widows Europe acquisition remains targeted for change of control around the end of 2026 and is expected to contribute about EUR 100 million of cash generation over its first five years.
Dividend: The interim dividend increased 6% to 8.16p per share, with management favoring continued investment in acquisitions over a share buyback while attractive M&A opportunities remain available.