Chesnara today reported interim results for the half-year ended 30 June 2013. 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, for the six months ended 30 June 2013 increased by 134% to £21.8m (30 June 2012: £9.3m excluding exceptional item)
- Increase of 8.5% in EEV to £337.4m (31 December 2012: £311.1m)
- Increase of 122.6% in EEV post-tax profit to £35.4m (30 June 2012: £15.9m), excluding modelling adjustments
- Strong and increased cash generation of £21.9m (30 June 2012: £12.4m)
- Group solvency ratio remains, post dividend, strong at 232% (30 June 2012: 198%)
- Subsidiary solvency ratios also strong and above targets. CA at 244% (30 June 2012: 213%) and Movestic at 309% (30 June 2012: 277%)
- Movestic increases IFRS pre-tax profit to £1.0m (30 June 2012: £0.1m)
- Shareholder equity on EEV basis now £2.94p per share (31 December 2012: £2.71p per share)
- Earnings per share (on IFRS basis) of 15.01p (30 June 2012: 6.19p)
- 6.25p interim dividend per share declared (2012: 6.1p), an increase of 2.5%
- Board remains focused on offering shareholders an attractive dividend flow
- Search for value adding acquisition opportunities continues
Commenting on the results, Graham Kettleborough, Chief Executive said:
"Good investment market performance, underpinned by the resilience of our underlying UK business and good progress in Sweden have, again, enabled us to deliver a strong set of results. Consequently, I am very pleased we are able to continue our dividend growth and declare a 2.5% increase in the interim dividend to 6.25p per share."
