News Column

Chesnara's pre-tax profits grow by 26%

August 30, 2014

CHESNARA, an insurance-focused takeover specialist, has reported a 26 per cent increase in pre-tax profits, boosted by growth in its Swedish open life insurance business.

The firm, which buys life insurance funds closed to new customers, said profit went up to pound(s)27.4 million in the six months ended June 30, from pound(s)21.8m a year earlier.

Funds under management rose 14 per cent in its Swedish open life insurance business, Movestic. New business contribution from Movestic rose to pound(s)5.8m, from pound(s)2.3m a year earlier.

The company, which bought Direct Line Insurance Group's domestic closed life insurance business last November, said it continued to consider acquisition opportunities in the UK and Western Europe.

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Source: Herald, The (Scotland)

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