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

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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Analyst: Brian Moretta bm@hardmanandco.com

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Hardman Research Ltd, trading as Hardman & Co, is an Appointed Representative of Palace Ventures Limited, which is authorised and regulated by the Financial Conduct Authority (FRN 433291). Hardman Research Ltd is registered at Companies House with number 8256259. Attention is drawn to the important disclaimers at the end of the report.