Chesnara plc Interim Management Statement
Chesnara plc
Interim Management Statement for the period from 1 January 2012 to 17 May 2012
18 May 2012
· Increase in EEV to £312.7m (at 31 March 2012) from £294.5m (at year end), predominantly due to positive economic experience and assumption changes of £19.9m, net of tax.
· EEV profit increased to £17.7m (Q1 2011: £6.2m).
· Profit on an IFRS basis before tax for the quarter of £13m (Quarter 1 2011: £3.5m) is underpinned by UK product-based surpluses which remain strong at £10m.
· Solvency ratios remain strong with Group at 201% (31 December 2011: 198%), CA at 213% (31 December 2011: 183%) and Movestic 242% (31 December 2011: 245%).
· Movestic has generated £6m of Embedded Value, with the recovery in Swedish equity markets more than compensating for continuing difficult operating conditions.
· Shareholder equity on EEV basis (pre proposed final dividend payment) at 31 March 2012 £2.72 per share (31 December 2011: £2.56p per share).
· As at 16 May 2012, both UK and Swedish markets have fallen back to levels broadly as at the beginning of the year and hence investment market driven growth in Q1 has reversed.
· Acquisition opportunities continue to be examined.
