CHESNARA

This has a dreadful chart for last few months.
Didnt know why.
But it appears that USB has disposed of 4.2million over recent period which I think probably accounts for depressed 2 mths.

Strong points are its projected yield of 8.67% .
Peg of .36 and projected Peg of .29
Projected Profit 50% rise.

I have held these from about 98 before disposing of them at about 170 and re-buying some at 169 and 155 and 158 after recent drop on 31/102005 when it dropped probably due to USB sell..
Also bought some CFDs

My guess is that it is going to recover fairly sharply.

BDYOH

For those interested in the above share some background.
LONDON (AFX) - Closed life fund consolidator Chesnara PLC turned in better than expected half-time profits, and said it was on the lookout for acquisitions as the closed life sector continues to consolidate.

Chesnara, created to manage the closed life books of insurer and estate agency Countrywide PLC, said achieved operating profits before tax and exceptionals for the six months to June 30 came in at 2.9 mln stg, from a loss of 13.5 mln stg a year earlier, and ahead of the 2.6 mln stg pencilled in by house broker Numis Securities.

The improvement was driven by better investment returns and by cost reductions which the group achieved by outsourcing the bulk of its back-office functions in February. Chesnara also benefited from lower provisions against endowment mis-selling, which fell to 3.9 mln stg from 22.6 mln stg in the same period last year.

Chesnara chief executive Graham Kettleborough said the company, which in May bought the closed life books of Irish Life & Permanent PLC for 47.5 mln stg, was keen to buy up more closed life assets to shore up its position as one of the leading players in a rapidly-consolidating market.

"We are talking to a number of people, although there is nothing in the offing at the moment. The market has changed in the last couple of years - all the distress sales have happened, and it's now a case of being a hunter rather than a gatherer," he told AFX News.

Closed life fund companies such as Chesnara specialise in buying and managing life and pension funds that have been closed to new customers, and simply make payments to existing policyholders. Traditional insurers, battered by the stock market downturn of 2000-2003, have sold off many such funds over the past two years.

Chesnara is competing with the likes of Resolution PLC and privately-owned Life Company Investor Group to acquire the remaining closed life assets that are up for sale.

Kettleborough added that he did not at this stage expect any impact from controversial proposed changes to the tax regime for life assurers, unveiled last Thursday by the Treasury. Legal & General PLC has warned that the move could leave it facing a one-off tax bill of up to 500 mln stg, while Resolution has said that it might also be affected.

The Chesnara chief executive said that with outsourcing now completed, future improvements would come through investment performance, and further acquisitions. He also signalled that while the group remains exposed to potential endowment compensation costs, these will diminish as more policyholders pass the deadline by which a complaint must be made.

"Within 18 months, we believe the issue will have gone away," he said.

Chesnara administers about 85,000 endowment policies, the bulk of them inherited from Countrywide.

Many endowment policies, aimed at generating enough cash to pay off a mortgage over the lifetime of the loan, have underperformed, leaving homeowners facing a cash shortfall. Several UK banks and insurers have been forced to compensate endowment policyholders who claim that they were not warned at the point of sale that the investment might not generate the required sum.

Chesnara set an interim dividend of 4.9 pence per share, up 3.2 pct year on year, and said it was confident of delivering further dividend increases. Excluding the payout, the group's embedded value rose to 180.9 mln stg from 144.7 mln stg a year earlier, driven by the Irish Life acquisition.

Analysts at Panmure Gordon retained their "buy" recommendation and 190 pence price target on Chesnara shares.

Under International Financial Reporting Standards, interim pretax profits stood at 4.2 mln stg, up from a restated loss of 5.6 mln stg during the same period last year.

Bit of a drop first thing this morning but still looking good IMO.

I am a little surprised by the lack of price movement. There was rumoured last week it had been interested in a competed takeover of another company. I am not certain, but if they have to raise cash, this could be the reason for the stalling a little, but the short term trend is still up and I would have expected a small rise this am.
I think I will still W/See.

I think that the US hurricane season and resultant fall-out has hit the whole sector harder than first thought. CSN has been caught up in that but talent will out...

I think that the US hurricane season and resultant fall-out has hit the whole sector harder than first thought. CSN has been caught up in that but talent will out...

Over the last few days there has been a significant number of large buys followed by reasonable number of smaller buys to-day. Price has only budged upwards slighly, but at least is looking upwards.

SP passed through MA 5,10 and 20, MACD, RSI and Momentum and A/D looking positive.
At last I think somebody has noticed Yield of 8.2% on a relatively safe share whose company may have done another buy up of more Insurance Policies in the last few days.

Worth a look. I have good sized holding of these and like the pundits expect a share price in excess of 190P.

Excellent results out today, back to profitability and an increase in the dividend!

I must admit I was hoping for these as my one only CFD is in this company. Although I do have some other tranches.

VGood results.


Chesnara returns to profitability in 2005
AFX


LONDON (AFX) - Closed life fund operator Chesnara PLC said it returned to profitability last year, helped by cost controls.

The company, created to manage the closed life books of insurer and estate agency Countrywide PLC, said 2005 achieved pretax profit came in at 36.6 mln stg, compared with a loss of 3 mln stg a year earlier.

The increase reflected the acquisition in May last year of the closed life books of Irish Life & Permanent, which boosted achieved profit by 18.3 mln stg. Achieved profit is an insurance industry measure which takes account of the present value of estimated future earnings from existing policies.

The company also trimmed its costs through a deal to outsource the back-office functions of the Countrywide funds in February.

However, Chesnara was hit by a further 3.5 mln stg charge to cover compensation payments to customers who were mis-sold endowement policies. The comany said endowment complaints had remained unexpectedly high, blaming increased advertising by complaint-handling firms.

Chesnara said it remains on the lookout for opportunities to buy up more closed life funds.

The company is paying a total dividend for 2005 of 12.45 pence, up from 11.85 pence the previous year.

On an IFRS basis, Chesnara made a 2005 pretax profit of 20.5 mln stg, up from 4.4 mln stg the previous year.

Chesnara shares closed at 174 pence yesterday, valuing the company at 182 mln stg.



newsdesk@afxnews.com

jc/mn/jc

Another feature of the share is a probable yield of about 11%.
Better than a bond.

Absolutely. Rising SP and a rising dividend. Good news all round really!

Correction Yield is about 8%. Now, there are projections of SP price of 200 +. Worth a buy or a hold for dividend + growth.

Interesting spike up by 4% at the close of play. Something brewing?

Doing some research at the mo and this one came up again (maily because of high Divi) .

Some Institution activity over the last few weeks, Lloyds, New asset, and another lot. have you two been paying attention and If you have what are your feelings about this one now?

Results out this Thursday.

I've held for a couple of years now Stan and the sp has done very little. However the dividend alone makes it worth holding for the long term IMO so happy to sit tight at present.

Thanks Q1, What I would be looking to do Is to get the divi and not lose out SP wise.

ie: Come out as the SP returns to It's exdivi price.

Best of luck then Stan!

I see the sp is up 5p to 174p today after a fairly subdued period. I bought these shares at 185p in February this year, as I thought they may well be swept in by a larger predator, while the yield at 7% wiped their face. Substantial shareholders at 23rd March 2007 were as follows:-

Alliance AG-------- 12.80%
Legal & Gen.------- 3.23%
Treadneedle Ass.Man. 6.37%
Morgan Stanley Sec. 3.10%

Lloyds TSB -------4.12%
New Star Ass.Man 9.57%

Yield looks well covered and holding may well be one to add to on further weakness, if caused by further interest rate rises. Any views ? Sorry about the many posts, I pressed the wrong buttons.

They got a positive write-up in the latest Investors Chronicle.

Much obliged Queen1, I will look out for the article.

Noticed these have been shooting up and down over the last few weeks, whats occurring with all this activity, anyone know?

I did trade this earlier on and although I made a bob or two was perplexed by the spread of about approx 1% variable and occasionally the market size.
Another thing which caught me was the expected drop in SP at time of x-div did not occur for a week or two at the time I was holding it.

They have traded sideways 153-188 since July 06 always expected them to trade higher.

With the yield this would be a couple of years in an ISA or SIPP. Bur I think longer holding may be more difficult. Projected turnover on its present model are slowly dimminishing although yields are not.

Good luck!

Business Financial Newswire
"Life assurance company, Chesnara says that results for the 9 months to 30 September 2009 are likely to be significantly higher than expected.

The Group says that the acquisition of Moderna has produced an exceptional profit of between 52.8m and 56.8m due to the increase in the embedded value at acquisition over the purchase consideration.

Likewise the recovery in investment markets has helped the rest of the Group insofar the fees charged to the underlying unit-linked funds , for both the UK and Swedish businesses, vary with the size of funds under management "

Panmure Gordon broker target 230p. Also prospective dividend yield of 9.1%

Henderson just offloaded a few I see.

A rare riser this one today, up 1.34%.

Rather echoing Stan's last remark!

This has suddenly perked up since late this morning. Being shoved up on the bid.

No news on the announcements list........

Last time I looked the other day it was 205p (now 235.75p), I keep on missing out on this one.. I put it down to lack of sleep due to excessive World Cup viewing-):

More like old age!

8-)

Can't hear you can you speak up? -):

Moving up quite nicely recently after marking time for a while. I also see a reference, elsewhere on MAM, to a favourable mention in the IC this week.

Quite often there is very strange activity on the bid and sometimes the offer - but with no trades going through. A bot maybe.

Lost count of the times I've missed out on this one rising, think it's rather the large spread that prevents entry.

It has attracted someone who from time to time runs some sort of bot on the bid. The bid flicks around every few seconds.

Buy v sells overall has been healthy for couple of weeks now.

Spread usually closes up shortly after the open. Dealing is generally well within it.

%% what have you been up to?

Not a great deal.

Majoring on seasonal excess..................

Eating up the leftovers from Burns' Nicht the nicht!

http://www.moneyam.com/action/nav/news?epic=CSN

Might be a few available to buy now.

This one's woken up today I see.

Looks like a top up by Standard Life Investments Ltd. late this afternoon.

Interim mangement Statement.

· Increase in EEV to £312.7m (at 31 March 2012) from £294.5m (at year end), predominantly due to positive economic experience and assumption changes of £19.9m, net of tax.

· EEV profit increased to £17.7m (Q1 2011: £6.2m).

· Profit on an IFRS basis before tax for the quarter of £13m (Quarter 1 2011: £3.5m) is underpinned by UK product-based surpluses which remain strong at £10m.

· Solvency ratios remain strong with Group at 201% (31 December 2011: 198%), CA at 213% (31 December 2011: 183%) and Movestic 242% (31 December 2011: 245%).

· Movestic has generated £6m of Embedded Value, with the recovery in Swedish equity markets more than compensating for continuing difficult operating conditions.

· Shareholder equity on EEV basis (pre proposed final dividend payment) at 31 March 2012 £2.72 per share (31 December 2011: £2.56p per share).

· As at 16 May 2012, both UK and Swedish markets have fallen back to levels broadly as at the beginning of the year and hence investment market driven growth in Q1 has reversed.

· Acquisition opportunities continue to be examined.

Half Yearly report

· IFRS profit before tax, excluding exceptional item, for the six months ended 30 June 2012 increased by 145% to £9.3m, (2011: £3.8m)
· Earnings per share (on IFRS basis) of 6.19p, (2011: 2.79p)
· On EEV basis pre-tax profit for the half-year of £20.3m (2011: £0.4m)
· Shareholder equity on EEV basis (pre dividend payment) of £296.3m - £2.58p per share (31 December 2011: £294.5m - £2.56p per share)
· Net cash generation of £12.4m compares favourably to first half of 2011 (£6.7m)
· Capital release of £7m, arising post 30 June, following successful de-authorisation of Save & Prosper companies.
· Group solvency ratio remains, post dividend, stable at 198% (30 June 2011: 198%)
· Countrywide Assured's solvency ratio remains healthy at 213% (30 June 2011: 254%). Movestic's solvency ratio of 277% (30 June 2011: 189%) also remains above target
· 6.1p interim dividend per share declared (2011: 5.95p), an increase of 2.5%
· Board remains confident about future dividend flows
· Search for value adding acquisition opportunities continues

This Company I like.

Stan,

Hello.

So do I.

Only wish I had more of them.

Obviously there have been trading opportunities along the way, but for the last 18 months this stock has been a very poor performer! What's the attraction?

9% + yield!

Henderson sell 25,000 shares http://www.moneyam.com/action/news/showArticle?id=4439410

Ex dividend on Wednesday 6.1p - these have failed @ £2 twice this year.

Excellent volume here today.

skinny, how do you get the bigger candle stick on chart, when i try only get thin line not like your chart above??

BB - try adjusting the size - the one above is size=700.

Thanks skinny, it not the size that counts........where have i heard that before.... it's the time scale. On 1yr you only get lines, 6mths or less = bigger candles

A reduction by the look of things.. What do you make of it then fans? http://www.moneyam.com/action/news/showArticle?id=4470430

Interim Management Statement

Steady progress in continuing uncertain markets


· Increase in EEV to £305.8m at 30 September 2012 from £294.5m at 31 December 2011, net of the impact of the distribution of a £12.5m dividend in May. The increase is predominantly due to £18.4m of pre-tax profit emerging as a direct result of investment market performance.

· EEV pre-tax profit for the nine months ended 30 September 2012 of £29.6m (nine months ended 30 September 2011: loss of £(59.8)m).

· Profit on an IFRS basis before tax for the nine months ended 30 September 2012 of £20.1m, excluding exceptional item (nine months ended 30 September 2011: loss of £(8.9)m) is underpinned by UK product-based surpluses which remain strong at £16.9m.

· Net cash generation of £30.1m for the nine months ended 30 September 2012 (full year 2011: £25.4m). The 2012 cash generation includes £7.0m resulting from the de-authorisation of the S&P companies following the Part VII transfer.

· Solvency ratios remain strong with Group (IGD) at 216% (31 December 2012: 198%), CA at 256% (31 December 2012: 183%) and Movestic 280% (31 December 2012: 245%).

· Movestic generated £7.9m of Embedded Value in the nine months ended 30 September 2012 (nine months ended 30 September 2011: loss of £(20.5)m), with the recovery in Swedish equity markets more than compensating for continuing challenging operating conditions.

· Shareholder equity on EEV basis (pre interim dividend payment of £7.0m on 15 October 2012) at 30 September 2012 of £2.66p per share (31 December 2011: £2.56p per share).

· Acquisition opportunities continue to be examined.

Steady progress indeed Skinny by the looks of it today, SP up over 3%.

Continuing to move up and away. High yielding shares have had a good run recently as income seekers have been buying (stand up Lord Gnome).

One of the few in the sector that I don't own atm.

Yes a cracking Divi, but SP down on my purchase so keep going up you fool.

Final Results

3% increase continues dividend growth at Chesnara

Chesnara today reported final results for the year ended 31 December 2012. The Group remains committed to offering shareholders an attractive long-term income stream arising from the profits of its life assurance businesses.
· IFRS profit before tax, excluding exceptional item, for the year ended 31 December 2012 increased by 9% to £24.5m (2011: £22.4m)
· Increase of 5% in EEV to £311.1m (31 December 2011: £294.5m)
· Increase of 24% in EEV pre-tax operating profit to £19.0m (31 December 2011: £15.3m), excluding modelling adjustments
· Strong and increased cash generation of £41.0m (2011: £31.4m)
· Group solvency ratio remains strong at 244% (31 December 2011: 198%)
· Subsidiary solvency ratios also strong and above targets. CA at 199% (31 December 2011: 183%) and Movestic at 280% (31 December 2011: 245%)
· Movestic increases IFRS pre-tax profit to £1.4m (2011: £0.4m)
· Shareholder equity on EEV basis (pre proposed final dividend payment) now £2.71p per share (2011: £2.56p per share)
· Earnings per share on IFRS basis of 24.33p (2011: 22.35p)
· Final proposed dividend increased by 3.2% to 11.25p (2011:10.9p). Total dividend for the year increased by 3% to 17.35p (2011:16.85p)
· Board remains focussed on offering shareholders an attractive dividend flow
· Acquisition opportunities continue to be sought and examined

Good set of results, increasing dividends, and a SP on the up. Good time to be in Chesnara.

Yet another divi increase. A small one, but every little helps.

Yes indeed Q + LG, came out with a small profit + VG Divis banked from the past.

Going Ex. divi tomorrow paying well as usual, Will watch this from the sidelines for a bit.

Stan - its ex dividend on Wednesday 10th.

Oh you know what I mean Skinny -):

:-)

No one going for the Divi today then? 11.25p.

Stan - I have a few, but I am a late comer to the party - @195.

A VG. buy price well done, worth holding for the divi in that case as very unlikely to go down 50 odd pts tomorrow.

I watched for most of last year and subsequently missed 2 dividends - heyho!

Yeah, timing on buying into these is more critical to a lot of other stocks I find, very attractive though as the divvies are so good.

Sold these earlier and bought some more VLK.

Looking at AV. and RSA,

But be careful with latter, there are question marks about connection with audits.

Think the connection is irrelevant.

Cracking finish to the day ahead of the ex-div. We've got back most of the ex-div drop on today's rise. I doubt if this rise will continue and we'll probably see a couple of months in the doldrums once we've gone ex-div - until the next update looms into view.

Correct LG, 8 year high reached 263p ahead of tomorrow's Trading Update at the mo.

Interim management Statement

Strong results underpinned by equity market growth with continued operational recovery in Movestic.


· Increase in EEV to £344.8m at 31 March 2013 from £311.1m at 31 December 2012 primarily driven by net of tax profit of £27.1m together with a £7.2m gain arising from appreciation of the Swedish Krona against Sterling over the period.

· EEV pre-tax profit (excluding modelling adjustments and exchange rate impacts) for the quarter ended 31 March 2013 of £28.5m (quarter ended 31 March 2012: £22.6m), predominantly due to £26.1m of pre-tax profit emerging as a direct result of investment market performance.

· Strong net cash generation of £12.2m for the quarter ended 31 March 2013 (full year 2012: £41.0m).

· Profit on an IFRS basis before tax for the quarter ended 31 March 2013 of £8.7m (quarter ended 31 March 2012: £13.0m) is underpinned by UK product-based surpluses which remain strong.

· A £5.7m release in the provision for S&P policy guarantees has contributed to the IFRS result, reflecting the positive impact of equity market growth.

· Solvency ratios remain strong, with Group (IGD) at 245% (31 December 2012: 244%), CA at 229% (31 December 2012: 199%) and Movestic 289% (31 December 2012: 280%).

· Movestic generated £8.2m of EEV pre-tax profit (excluding modelling adjustments and exchange rate impacts) in the quarter ended 31 March 2013 (quarter ended 31 March 2012: profit of £6.0m), primarily due to a recovery in Swedish equity markets.

· Continued return of IFA support for the Movestic business has resulted in a 42% increase in Pensions and Savings new contract premium income compared with the first quarter of 2012. The recovery in IFA support has continued post 31 March 2013.

· Shareholder equity on EEV basis of 300.2p per share (31 December 2012: 270.9p per share), both before allowance for the 2012 final dividend of 11.25p to be paid in May.

· Acquisition opportunities continue to be examined and there are signs of a general upturn in M&A activity.

Is it just me, skinny, or is that IMS as good as they get?

Maybe already largely anticipated?

I've sold some today - here and elsewhere - the worlds gone mad!

CSN has taken a dive post trading statement over recent years, but with Movestic doing so well that trend might not happen this year, also the market seems determined to keep going up.. I will watch with interest.

Interim Results date http://www.moneyam.com/action/news/showArticle?id=4648978

Interim Results

Chesnara today reported interim results for the half-year ended 30 June 2013. The Group remains committed to offering shareholders an attractive long-term income stream arising from the profits of its life assurance businesses.

- IFRS profit before tax, for the six months ended 30 June 2013 increased by 134% to £21.8m (30 June 2012: £9.3m excluding exceptional item)

- Increase of 8.5% in EEV to £337.4m (31 December 2012: £311.1m)

- Increase of 122.6% in EEV post-tax profit to £35.4m (30 June 2012: £15.9m), excluding modelling adjustments

- Strong and increased cash generation of £21.9m (30 June 2012: £12.4m)

- Group solvency ratio remains, post dividend, strong at 232% (30 June 2012: 198%)

- Subsidiary solvency ratios also strong and above targets. CA at 244% (30 June 2012: 213%) and Movestic at 309% (30 June 2012: 277%)

- Movestic increases IFRS pre-tax profit to £1.0m (30 June 2012: £0.1m)

- Shareholder equity on EEV basis now £2.94p per share (31 December 2012: £2.71p per share)

- Earnings per share (on IFRS basis) of 15.01p (30 June 2012: 6.19p)

- 6.25p interim dividend per share declared (2012: 6.1p), an increase of 2.5%

- Board remains focused on offering shareholders an attractive dividend flow

- Search for value adding acquisition opportunities continues

Very good set of interim results, and yet another dividend increase, albeit a small one.

Ex dividend Wednesday 6.25p.

Yes indeed and paying a rather attractive 2.38% as at last week, but beware it can take a time to recover SP.

Stan - we've been here before! :-)

Ahh yes I remember now -):

.

Proposed acquisition of Direct Line Life by Chesnara

Chesnara Plc ("Chesnara") is pleased to announce that it has entered into an agreement to acquire the entire issued share capital of Direct Line Life Insurance Company Limited ("Direct Line Life"), from Direct Line Insurance Group Plc ("Direct Line Group"), for a total consideration of £39.3 million, payable in cash on completion (the "Acquisition"). The Acquisition will be financed from a combination of existing cash resources and a new bank facility.

Direct Line Life is a UK-based life insurance company and wholly-owned subsidiary of Direct Line Group. It became substantially closed to new business on 5 July 2011 and has been focused since then on managing the existing portfolio in line with the run-off plan agreed at the time with the then FSA. Prior to closure to new business, Direct Line Life predominantly offered non-linked products including mortgage life cover, fixed term life cover (both with and without critical illness cover) and over 50's life cover to UK customers distributed under both its own brand and also in recent years, but before the closure to new business, on a white label basis.

Direct Line Life is being acquired at an effective 74.7 per cent. of Chesnara Directors' estimate of the residual embedded value of £52.6 million as at 30 June 2013, adjusted to reflect a capital extraction of £23.0 million by the seller immediately at completion.

The effect of this capital extraction is that Chesnara will acquire the business with a lower solvency margin than its long term target of 150%, and will therefore immediately on completion inject capital, estimated at £10.4 million. This increased funding requirement is temporary and is expected to be released by way of a Part VII transfer of Direct Line Life into Chesnara's existing UK life book, Countrywide Assured Plc, by the end of 2014.

As part of the Acquisition, Chesnara has agreed a new loan facility with The Royal Bank of Scotland plc of £73.8 million. This is made up of two facilities. The first facility is divided into two tranches. Tranche A of the first facility will be used to refinance some £30 million of Chesnara's existing outstanding bank debt and Tranche B, which is in the amount of £31 million, will be used to finance part of the consideration for the Acquisition. The second facility will be used to provide short term funding of £12.8 million in relation to the capital extraction described above (the second facility will be repaid at the latest by 30 June 2015).

Chesnara has a clear objective to make strategic acquisitions in the life assurance sector and in particular in its core UK life operations. Chesnara is experienced in managing closed UK life books and Direct Line Life will be an attractive complementary addition. The Acquisition is expected to have a positive impact on the embedded value and cash generation ability of Chesnara in the medium term once integrated.

In the financial year ended 31 December 2012, Direct Line Life had an operating profit before tax of £9.4 million, reported a profit for the period after tax of £6.9 million and had gross assets of £177.6 million. Direct Line Life had approximately 150,000 policies in force as at 31 July 2013. The results of Direct Line Life will be presented using Chesnara's accounting policies in the circular to be sent to shareholders (as noted below).

Following completion, Chesnara intends to transfer the administration role to HCL (one of Chesnara's current outsourcing partners). Management intends to focus on realising potential synergies when they might be available, such as combining the underlying life companies of the enlarged group by means of a transfer pursuant to the provisions of Part VII of FSMA 2000.

The Acquisition is subject to approval from the Prudential Regulation Authority ("PRA"). The Acquisition is a Class 1 transaction for Chesnara under the Listing Rules and is conditional on the approval of Chesnara shareholders at a general meeting, notice of which will be included in a circular to be sent to shareholders shortly.

Interesting... Very interesting.

On the move now.

3rd Quarter Interim Management Statement

Another strong quarter. Good operational profits build upon strong investment market performance.


· Recently announced acquisition of Direct Line Life received shareholder approval on 7 November 2013 and is expected, subject to regulatory approval, to complete by the end of the year.

· Increase in EEV to £354.0m at 30 September 2013 from £311.1m at 31 December 2012. This increase includes net of tax profit of £55.0m less dividends paid of £12.9m in the period.

· EEV pre-tax profit of £57.5m (excluding modelling adjustments and exchange rate impacts) for the nine months ended 30 September 2013 (nine months ended 30 September 2012: £29.5m), of which £44.8m has emerged as a direct result of investment market performance.

· Shareholder equity on an EEV basis of 308.2p per share. This represents an increase of 37.4p per share (after recognising dividend payments of 11.25p per share) since the start of the year.

· Strong net cash generation of £30.2m for the nine months ended 30 September 2013 (nine months ended 30 September 2012: £35.1m). The 2012 cash generation included a £7.0m one-off benefit arising from the deregulation of the S&P businesses.

· IFRS pre-tax profit of £32.8m for the nine months ended 30 September 2013 (nine months ended 30 September 2012: £20.1m) is underpinned by strong UK product-based deductions amounting to £33.5m in the period (nine months to 30 September 2012: £32.4m).

· A £12.9m release in the provision for S&P policy guarantees has contributed to the IFRS result, reflecting the positive impact of equity market growth and increases in bond yields in the period.

· Solvency ratios as at 30 September 2013 remain strong, with Group at 240% (31 December 2012: 244%), CA at 272% (31 December 2012: 199%) and Movestic at 320% (31 December 2012: 280%).

· Movestic generated £14.8m of EEV pre-tax profit (excluding modelling adjustments and exchange rate impacts) in the nine months ended 30 September 2013 (nine months ended 30 September 2012: profit of £7.9m), primarily due to growth in Swedish equity markets.

· Improving IFA support for Movestic has resulted in a 55% increase in Pensions and Savings new business premium income compared with the first nine months of 2012.

· Movestic generated £3.3m of new business profit in the nine month period to 30 September 2013 (nine months ended 30 September 2012: £1.3m).

· Additional acquisition opportunities continue to be examined.

Canaccord Genuity Hold 298.00 300.00 300.00 Reiterates

Always worth watching this one IMHO.

Off to a flier.

Yeah, Up 5% so far, when she goes she does go.

Rise due to IC tip. Have held these for a few years. The best income stock I ever brought. Bearbull of the IC sold them from his income portfolio a couple of years back as they went over his stock loss. Bad decision should be flexible in all things.

Up strongly again today, but looking very overstretched. I won't expect another day like this tomorrow - but I am prepared to be surprised :-)

Why this drop? There seems to be no bad news. Any thoughts folks?

Nothing obvious - results on the 28th.

Chance to top up maybe.

Is this the budget fall out? Any views folks? Still a good divi though.

No idea, parrisf. That closing auction was a real bummer. Looks like someone wanted out very quickly and wasn't worried about price. I know of no fundamental reason for the fall - yet. Let's hope there are no nasty surprises lurking in the results.

My thoughts exactly. Might be best to run on Monday. Thanks LG.

Looks like we are back to business as usual - almost.

Final Results

Financial Highlights
· IFRS profit of £60.6m before tax, an increase of 208% (2012: £19.7m)
· Gross cash generation of £49.7m (2012: £34.0m) giving a Total Shareholder Return (TSR) of 79% for 2013 and 261% over 5 years

· Increase of £65.3m in EEV to £376.4m (2012: £311.1m)

· EEV earnings net of tax increased by £51.5m to £82.7m (165%) before modelling adjustments (2012: £31.2m)

· Recommended dividend of 11.63p per share, an increase of 3.4%. Total proposed dividend increased by 3% to 17.88p - ten years of consecutive growth

· Group solvency ratio remains very robust at 194%

· Subsidiary solvency ratios also strong and above targets. CA at 218%, PL at 156% and Movestic at 311%

Operational Highlights
· Acquisition of Protection Life (formerly Direct Line Life Insurance) for £39.3m delivering an EEV gain of £12.3m upon completion in November 2013
· Movestic achieves 61.9% increase in like for like new business volumes and £7.2m of new business profit (2012: £2.6m)

· Movestic captures 8% of new unit-linked pensions business market share (2012: 5.3%)

· Group's regulatory compliance record remains robust

· Value enhancing acquisition opportunities

Statement regarding 2014 UK Budget
In his Budget announcement on 19 March, the Chancellor of the Exchequer announced significant changes which will affect the pensions and annuity markets. Chesnara's UK business does not have a significant exposure to annuities and has not sought to write such business for a number of years. We note the changes to flexibility of pensions arrangements however we are not expecting any immediate or significant change to our book of business, or the value of it.

Graham Kettleborough, Chief Executive said:
'2013 has been an extremely positive year for Chesnara with the Company achieving significant advances across all elements of the business and against key objectives. Focus and commitment to a proven business model is delivering both operational depth and robustness allowing us to report strong financial results for the existing and new books of business throughout both the UK and Swedish operations.

'The Board is therefore pleased to recommend an increase in the final dividend to 11.63p per share, a 3.4% rise.

'Our strong operational platforms and positive indications of support for sources of funding for potential future acquisitions, give us confidence in the continued success of Chesnara through 2014 and beyond, whilst ensuring that we continue to reward the loyalty of our shareholders and policyholders'.

The Board approved this statement on 27 March 2014.

City watchdog to probe 30m financial policies

The City regulator is to investigate about 30 million insurance company policies over concerns that customers are subject to "unfair" conditions.

The investigation will include pensions, endowments, investment bonds and life insurance policies sold in the UK between the 1970s and 2000.

The Financial Conduct Authority (FCA) will look into policies which penalise savers who want to switch providers.

The FCA told the Daily Telegraph it might "intervene on exit charges".

more....

I recon this probe is what made these shares go down from 340 to 280. If so who new about it and when, looks dodgy?

That is responsible for today's fall - across the industry shares generally.

The budget's shake up of the annuity business was responsible for the fall last week.

1st Quarter Results

Good IFRS result and modest EEV growth underpinned by strong operating performance

During the first quarter of 2014 economic conditions have been fairly flat compared with more favourable conditions in the first quarter of 2013. As a result of this the Group results are below those for the equivalent quarter in 2013.

· Profit on an IFRS basis before tax for the quarter ended 31 March 2014 of £7.3m (quarter ended 31 March 2013: £8.7m).

· Protection Life has generated a profit slightly above expectations in its first full quarter of Chesnara ownership.

· Gross cash generation of £4.5m for the quarter ended 31 March 2014 (full year 2013: £49.7m, quarter ended 31 March 2013: £12.2m).

· Increase in EEV to £379.9m at 31 March 2014 from £376.4m at 31 December 2013. A net of tax profit of £6.1m has been offset by a £2.6m loss arising from the depreciation of Swedish Krona in the quarter.

· Shareholder equity on EEV basis of 330.8p per share (31 December 2013: 327.7p per share), before recognising the payment of the 2013 final dividend of 11.63p to be paid on 22 May 2014.

· EEV pre-tax profit (excluding modelling adjustments and exchange rate impacts) for the quarter ended 31 March 2014 of £8.6m (quarter ended 31 March 2013: £28.5m), with economic factors having a significantly lower impact than in the corresponding period in 2013 (2014: £1.9m; 2013: £25.8m).

· Movestic generated £5.1m of EEV pre-tax profit (excluding modelling adjustments and exchange rate impacts) in the quarter ended 31 March 2014 with a strong improvement in the new business contribution (quarter ended 31 March 2013: profit of £8.2m).

· Solvency ratios remain strong, with Group solvency at 200% (31 December 2013: 194%), CA plc at 231% (31 December 2013: 218%), PL at 167% (31 December 2013: 156%) and Movestic at 327% (31 December 2013: 311%).

· A 27% increase in the number of IFAs supporting Movestic compared with the same period in 2013 has resulted in a 42.6% increase in Pensions and Savings new business.

· Good progress has been made on both the planned Part VII transfer of Protection Life due to complete by the end of 2014 and the migration of the Protection Life book to our outsource provider.

· The acquisition outlook remains positive following the acquisition of Protection Life in November 2013.

Half yearly out tomorrow.

Half Yearly Report

Continued strong results underpin 2.7% dividend increase at Chesnara

29 August 2014

Chesnara is pleased to report interim results for the half-year ended 30 June 2014. The Group continues to offer shareholders an attractive long-term income stream arising from the profits of its life assurance businesses.

· IFRS profit before tax increased by 25.7% for the six months ended 30 June 2014 to £27.4m (30 June 2013: £21.8m)
· Increase of 6.3% in EEV to £400.3m (31 December 2013: £376.4m)
· Increase of 33.6% in EEV post-tax profit to £47.3m (30 June 2013: £35.4m, excluding modelling adjustments)
· Movestic increases EEV new business contribution to £5.8m (30 June 2013: £2.3m)
· Strong gross cash generation of £16.0m (30 June 2013: £21.9m)
· Group solvency ratio remains, post dividend, strong at 192% (31 December 2013: 194%)
· Subsidiary solvency ratios also strong and above targets. CA at 250% (31 December 2013: 218%), Protection Life at 176% (31 December 2013: 156%) and Movestic at 350% (31 December 2013: 311%)
· Shareholder equity of 348.5p per share on an EEV basis (31 December 2013: 327.7p per share)
· Earnings per share (on an IFRS basis) of 19.87p (30 June 2013: 15.01p)
· 6.42p interim dividend per share declared (2013: 6.25p), an increase of 2.7%
· Board remains focussed on offering shareholders an attractive dividend flow
· Search for value adding acquisition opportunities continues

Commenting on the results, Graham Kettleborough, Chief Executive said:

"I am, again, pleased to be able to deliver another strong set of results. All our businesses are performing well and, consequently, we are able to continue our dividend growth and declare a 2.7% increase in the interim dividend to 6.42p per share."

The Board approved this statement on 28 August 2014.

Anyone any thoughts to when this one reached the bottom again?

Stan - I no longer hold, having added to FLG last month.

I may look again nearer March.

Financial Calendar

Recent Brokers

Back on the list.

Proposed Acquisition and Placing

Proposed Acquisition of Waard Leven N.V., Hollands Welvaren Leven N.V., Waard Schade N.V. and Tadas Verzekeringen B.V. ("Waard Group") by Chesnara plc ("Chesnara" or the "Company") for €67.8 million (approximately £55.1 million) plus deferred performance related consideration (the "Acquisition"), and placing to raise approximately £35 million

Highlights

· Acquisition of the Waard Group, comprising three insurance companies and a servicing company, for a consideration of €67.8 million (£55.1 million)(1)
· Estimated European Embedded Value ("EEV") of the Waard Group as at 30 June 2014 is €92.0m; the consideration of €67.8(1) million represents a discount of 26.3% to EEV
· The Waard Group businesses are strongly capitalised and the potential for phased, orderly capital extraction is a key attraction of the Acquisition
· The Dutch market offers significant consolidation potential and the servicing company being acquired provides an operating platform to facilitate this
· Placing of up to 11,504,765 new Ordinary Shares (the "Placing") to raise approximately £35 million before expenses to fund a proportion of the Acquisition, the balance of the consideration being provided by Chesnara's cash resources
· The Acquisition and the Placing are expected to immediately enhance Chesnara's EEV per share, on completion of the Acquisition ("Completion"), by approximately 2.2%

more...

What's that a buy? http://www.moneyam.com/action/news/showArticle?id=4983381

Yes - above 6% and from 7,213,898 -> 7,729,369.

Thought so but not certain, thanks.

Final Results

A year of solid delivery on our core strategic objectives

Chesnara today reported results for the year ended 31 December 2014. The Group remains committed to delivering competitive returns to both its shareholders and policyholders, and continues to focus on:
· the core business of maximising value from the in-force life and pensions book.
· value enhancement through writing profitable new business in Sweden.
· making further life and pensions acquisitions where they meet stringent assessment criteria.

Financial Highlights

· Gross cash generation of £42.6m (2013: £49.7m). Cash is generated primarily from the UK business, which has remained resilient to falling bond yields in the year.

· Net cash generation of £71.1m (2013: £36.7m). Net cash generation includes a benefit of £27.4m arising from the Part VII transfer of Protection Life.

· 2.9% increase in total dividend compared with 2013. Recommended final dividend of 11.98p per share results in total dividend for the year of 18.40p per share (2013: 17.88p per share). 2.9% increase represents the tenth successive rise in annual dividends.

· EEV of £417.2m (2013: £376.4m). Growth of 10% driven by earnings of £44.2m and December 2014 equity raise of £34.5m, offset by dividend payments of £20.7m and Swedish Krona exchange losses of £17.3m.

· IFRS profit before tax of £28.8m (2013: £60.6m). Reduction compared with 2013 primarily driven by significant reduction in Government bond yields over the year.

· EEV earnings net of tax of £44.2m (2013: £82.7m). Strong 2014 result shows continued value emergence, albeit at a lower level than 2013, largely due to impact of fall in Government bond yields in the year.

· 23.6% increase in Movestic EEV new business contribution to £8.9m. Increase driven by a combination of higher volumes of new policies sold and improved margins.

· Group solvency ratio increased to 284% (2013: 194%). Increase is driven by regulatory earnings and equity raise. An element of the increase will reverse on completion of the Waard Group acquisition in 2015.

· Subsidiary solvency ratios remain strong and above internal targets. CA plc at 176% (2013: 218%); Movestic at 376% (2013: 311%).

Operational Highlights

Value from the in-force book
· Part VII transfer of Protection Life into Countrywide Assured completed. Transfer completed in line with planned timeframe and has delivered expected capital efficiencies. Transfer enabled a one-off cash transfer of £27.4m.

· Extension of core outsource contract with HCL. Contract extension has enhanced operational and financial security of the Group.

New business
· Management actions taken to enhance the profitability of new business. Enabled by the delivery of new policyholder funding structures and "white labelling" initiatives.

Acquisitions
· £34.5m of equity raised following announcement to make value-adding Waard Group acquisition. Waard Group is strongly capitalised and should generate attractive financial returns. The acquisition adds a third territory and provides a platform that will enable further acquisitions in the Dutch and continental European markets. It remains subject to Dutch regulatory approval.

· Value enhancing acquisition opportunities in the UK and Western Europe, principally in the £50m - £200m range, continue to be sought and examined.

Culture and values
· Group's regulatory compliance record remains robust.


more....

Another sudden collapse in the share price today. Now sitting at its 12 month support level. I wonder what caused today's share price action.

No idea LG but the turn of the year seems a good entry point for these after looking at the previous 5 years chart history.

Trading Update http://www.moneyam.com/action/news/showArticle?id=5156594 A steady as we go sort of report from a quick scan IMHO.

One to watch for the next 3 weeks this one.

Limit tripped out today on this one.

Statement re Legacy Review.

RNS

RNS Number : 9254Q
Chesnara PLC
03 March 2016

Chesnara plc

("Chesnara" or "the Company")
Legacy Review

We note today's FCA announcement relating to the launch of an investigation into whether disclosure of paid up and early transfer charges to the customers of Countrywide Assured and other providers was adequate to enable those customers to make informed decisions.

We will of course co-operate fully with the FCA in its investigation. We also note that no conclusion has yet been reached as to whether there have been any breaches of regulatory requirements.

Ameriprise Financial, Inc. and its group go above 12% http://www.moneyam.com/action/news/showArticle?id=5232101

11 Mar 16 Canaccord Genuity Buy 309.00 380.00 380.00 Reiterates

380p, Yes please, when though that's the question.

Finals http://www.moneyam.com/action/news/showArticle?id=5267677

Great results and yet another dividend increase.

Seems so your madge, and if the FCA's investigation is concluded in a positive way I expect the SP. to climb further then the 5% today so far.

Panmure Gordon Buy 322.88 395.00 395.00 Retains

Prudential plc taking their profit today I notice.

Final Results

A year of delivery: Chesnara announces Legal and General Nederland acquisition and delivers strong value growth.

"2016 has been one of the busiest and most successful years in Chesnara's history and ended with a very well supported equity raise to fund the acquisition of Legal and General Nederland. We have delivered against each of our core strategic objectives, continued to embed Solvency II and delivered value to our customers. The business growth has been achieved without compromising our risk appetite, building on our reputation for solid returns to our shareholders."

Financial Highlights

· Economic Value (EcV) of £602.6m Note 1 Note 2 (31 December 2015: £453.4m). Growth of 33% during the year, which includes the impact of the equity raise (see note 2), earnings in the year and foreign exchange gains. Excluding the equity raise the EcV of the group has grown by 18%.

· Economic Value earnings net of tax of £72.5m (31 December 2015: £57.5m). Growth achieved through a combination of strong operating earnings, new business growth in Sweden and economic earnings.

· Movestic EcV new business contribution of £11.7m (31 December 2015: £5.7m). Improvements due to the combined impact of increased market share and higher average gross margins result in record new business profits.

· Total group cash generation of £85.4m Note 2 Note 3 (31 December 2015: £82.4m). Total cash generation includes the impact of the equity raise (see note 2), whilst 2015 includes £39.9m gained on the acquisition of Waard Group.

· Total group cash generation (excluding the impact of equity raise) £36.5m Note 2 Note 3 (31 December 2015: £50.9m). UK cash generation remains in line with expectations but is lower than last year in part due to an increase in capital requirements driven by growing asset values. Movestic has reported a modest negative cash generation result as a consequence of continuing to invest in its new business operation. Waard has made a positive contribution of £15.7m which includes one-off gains from asset disposals and a foreign exchange gain.

· IFRS profit before tax of £40.7m (31 December 2015: £42.8m). A strong result delivered for the current period despite the adverse impact of a reduction in yield curves during the year. The prior year result includes a gain of £16.6m recognised on the acquisition of the Waard Group.

· IFRS Total Comprehensive Income of £55.4m (31 December 2015: £39.6m). The current period includes a foreign exchange gain of £20.1m compared to a corresponding loss of £0.2m in 2015.

· Group solvency ratio of 158% Note 2 (31 December 2015: 146%). After taking account of the dividend the Group solvency ratio has improved and subsidiary solvency ratios remain strong and above internal targets. This metric includes the impact of the equity raise (see note 2). In calculating the group's solvency position we have applied the "standard formula" and have not used transitional arrangements or any other elements of the long-term guarantee package.

· Group solvency ratio (excluding the impact of equity raise) of 144% Note 2 (31 December 2015: 146%). The Group solvency ratio has reduced marginally though subsidiary solvency ratios remain strong and above internal targets after accounting for dividends, with the UK at 128% (31 December 2015: 135%); Movestic at 140% (31 December 2015: 154%) and Waard Group at 712% (31 December 2015: 597%).

· 2.9% increase in final dividend compared with 2015. Recommended final dividend of 12.69p per share (2015: 12.33p per share). This increase represents the twelfth successive rise in final dividends.

Strategic delivery highlights

· Announcement of the acquisition of Legal and General Nederland. In November we announced the acquisition of LGN for a price of €160m at a discount to Economic Value of approximately 33%. The deal offers potential for phased, orderly extraction of excess capital and is expected to create an Economic Value gain of c£56m on completion. The DNB have confirmed their non-objection to the acquisition which is expected to complete in the week commencing 3 April 2017.

· Movestic dividend. Several years of growth have generated sufficient surplus for Movestic to declare its maiden dividend to Chesnara.

John Deane, Chief Executive said:
'2016 has been a year of significant development for the Chesnara group and we have delivered strongly against all of our strategic objectives.

The value of our existing businesses has grown across all territories, with cash emergence sufficient to fund a further increase in the annual dividend, the twelfth successive year of dividend growth. The increase in value includes an increasingly material contribution from new business profits in Sweden where we have delivered our best ever results.

Finally, the acquisition of Legal and General Nederland, announced in November 2016, represents a continuation of Chesnara's successful acquisition strategy. The acquisition will create significant scale in the Netherlands making Chesnara a well balanced three territory group. Legal and General Nederland is expected to have a significant positive impact on the Economic Value of the group and will further enhance ongoing cash generation thereby supporting the continuation of our dividend strategy.'

Note 1 Transition of our valuation methodology from Embedded Value reporting to Economic Value reporting has resulted in a small decrease in the valuation of Chesnara by £1.7m. Economic Value is based on the Solvency II "Own funds" valuation with adjustments for contract boundaries, risk margin and adding back the impact of restrictions placed on the value of certain ring-fenced funds. We consider the Solvency II rules understate the commercial value of these items. Contract boundary rules require Solvency II Own Funds to assume no future regular premiums on certain contracts and the Solvency II risk margin is significantly higher than under Embedded Value.

Note 2 During 2016 we announced the acquisition of Legal and General Nederland which will complete in 2017. In respect of this we raised £70m of equity in the year. The full positive impact of the acquisition will be recognised on completion in the 2017 results.

Note 3 Cash generation represents the movement in the surplus assets that exists within the group over and above the level of capital that is required to be held. The level of capital required to be held takes account of the buffers that management has set to hold over and above the solvency requirements imposed by our regulators. From 1 January 2016 cash generation has been determined with reference to the Solvency II prudential regime. Previously cash generation was determined with reference to Solvency I.

The Board approved this statement on 30 March 2017.

Nicely in profit with these leading up to the divi.

CSN Going Ex-Div this week paying a juicy 3.33%.

Holding steady so far.

Sold half the holding, divi+8% gain secured this time my best yet on Ches. so very pleased.

Out with the rest, could not resist 394p

Chesnara plc, the life assurance group, will be reporting results for the half year ended 30 June 2017 on Thursday, 31 August 2017.

A presentation for analysts will be held at 9.30am, on 31 August 2017 at the offices of Panmure Gordon & Co Ltd, One New Change, London EC4M 9AF.

Ex-divi this week paying about 7p.

Anyone subscribing to the MoneyAM Level 2 platform please take note that most days it is not reporting the correct Trade High nor Trade Low information and "some days" not reporting the correct Opening Price or Closing Price.

The reason is because MoneyAM's Level 2 system is not sensing the Auto Trades or Ordinary Trades correctly so is wrongly reporting them

MoneyAM has been unable to fix the fault for over 8 weeks now but are still charging full price for their Level 2

Statement Re Legacy review: http://www.moneyam.com/action/news/showArticle?id=5655599http://http://www.moneyam.com/action/news/showArticle?id=5655599

Investco Holding http://www.moneyam.com/action/news/showArticle?id=5754395

CEO adds http://www.moneyam.com/action/news/showArticle?id=5756630

Standard Life adds http://www.moneyam.com/action/news/showArticle?id=5814278

Half time report http://www.moneyam.com/action/nav/news?epic=CSN

An interesting increase in holdings perhaps https://www.moneyam.com/action/news/showArticle?id=6241203