Hardman & Co Research on Chesnara plc (CSN)

Acquisitions show immediate benefits

Chesnara has announced its 1H'26 results. The figures were dominated by the acquisition of HSBC Life (UK), now Chesnara Life UK, which contributed for five months and increased group scale. OCG rose 79% to £96m, cash remittances were up 31% to £73m and AOP grew 46% to £31m, although acquisition effects and management actions supported much of the OCG growth. SII Own Funds increased to £976m, from £859m, while solvency, at 185%, exceeded the 180% pro forma indication. As previously indicated, the interim dividend increased 6% to 8.16p, including a one-off additional 3ppt. uplift

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Analyst: Brian Moretta bm@hardmanandco.com

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