Hardman & Co - Chesnara plc (CSN): Fourth acquisition in two years

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Research on Chesnara Plc (CSN:LON) from Hardman & Co

Chesnara has announced its fourth acquisition in the past two years with the purchase of a book of variable annuity policies from MetLife UK. This adds 18,000 policies and £1.7bn of AuA, pushing the pro forma total to over £24bn. The expected lifetime cashflow is ca.£90m, of which approximately half is expected to be released over the first five years after completion. There is no significant consideration payable, which helps with a meaningful benefit to both SII Own Funds and the Contractual Service margin; both of which increase by ca.£45m on a post-tax basis, with a broadly neutral impact on the Solvency II ratio.

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The information, investment views and recommendations in this article are provided for general information purposes only. Nothing in this article should be construed as a solicitation to buy or sell any financial product relating to any companies under discussion or to engage in or refrain from doing so or engaging in any other transaction. Any opinions or comments are made to the best of the knowledge and belief of the writer but no responsibility is accepted for actions based on such opinions or comments. Vox Markets may receive payment from companies mentioned for enhanced profiling or publication presence. The writer may or may not hold investments in the companies under discussion.

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Hardman & Co - Chesnara plc (CSN): Fourth acquisition in two years