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
Graham Kettleborough, Chief Executive said:
'The positive progression in all significant measures yet again underlines the resilience of our business model. The strong underlying core in the UK and improvements in sales and service performance in Sweden augur well for the future.
The Board is pleased to recommend an increase in the final dividend to 11.25p per share. This gives rise to a total dividend for the year of 17.35p which represents a 3% increase.'
