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

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.