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

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?