Annual Financial Report & AGM Notice

RNS Number : 5422C

Chesnara PLC

18 April 2017

 

CHESNARA plc

("Chesnara")

RELEASE OF ANNUAL REPORT AND NOTICE OF AGM

Chesnara plc today announces that its 2017 Annual General Meeting will be held on 17^th May at 11am at the offices of Panmure Gordon (UK) Limited, One New Change, London EC4M 9AF. In connection with this, the 2016 Annual Report and Accounts including the Notice of Annual General Meeting is being made available to shareholders today. Copies of the documents will shortly be available in the Investor Relations section of the Chesnara plc website at www.chesnara.co.uk. 

Additional Information required by the Disclosure and Transparency Rule 6.3.5

The Company's preliminary results announcement on 31 March 2017 contained a management report as well as a condensed set of financial statements which were prepared in accordance with applicable accounting standards. In compliance with DTR 6.3.5R, the following information is extracted from the 2016 Annual Report and Accounts and should be read in conjunction with the Company's preliminary results announcement for the year ended 31 December 2016 issued on 31 March 2017. Both documents are available at www.chesnara.co.uk and together constitute the material required by DTR 6.3.5R to be communicated in unedited full text through a Regulatory Information Service. This material is not a substitute for reading the 2016 Annual Report and Accounts in full.

In accordance with Listing Rule 9.6.1, copies of the 2016 Annual Report and Accounts, the Notice of AGM and Form of Proxy have been uploaded to the National Storage Mechanism and will shortly be available for inspection at www.hemscott.com/nsm.do.

18 April 2017

Enquiries:

Zoe Kubiak	01772 972050
Group Company Secretary
Chesnara plc

Notes to Editors

Chesnara plc ('Chesnara'), which listed on the London Stock Exchange in May 2004, is the owner of Countrywide Assured plc ('CA plc'), Movestic Livförsäkringar AB ('Movestic') and Chesnara Holdings BV. Chesnara Holdings B is, the intermediate holding company of 'Waard Group' and 'Scildon'.

CA plc is a UK life assurance subsidiary that is closed to new business.  In June 2005 Chesnara acquired a further closed life insurance company - City of Westminster Assurance - for £47.8m.  With effect from 30 June 2006, CWA's policies and assets were transferred into CA plc.  Save & Prosper Insurance Limited and its subsidiary, Save & Prosper Pensions Limited, were acquired on 20 December 2010 for £63.5 million.  With effect from 31 December 2011, the business of Save & Prosper was transferred into CA plc.  On 28 November 2013 Chesnara acquired Direct Line Life Insurance Company Limited (subsequently renamed Protection Life Company Limited) from Direct Line Group plc for £39.3m.  On 31 December 2014 the PL business transferred into CA plc.  CA plc operates an outsourced business model.

Movestic, a Swedish life assurance company which originally focused on pensions and savings, was acquired on 23 July 2009 for £20 million.  The company is open to new business and seeks to grow its position in the Swedish unit-linked market.  Its proposition was strengthened in February 2010 with the acquisition of the operations of Aspis Försäkringar Liv AB which has a risk and health product bias.

The Waard Group, a Netherlands-based Group comprising three closed book insurance companies and a servicing company, was acquired on 19 May 2015 for €69.9m.  The Waard Group, comprising Waard Leven N.V., Hollands Welvaren Leven N.V., Waard Schade N.V. and Tadas Verzekeringen B.V. was previously owned by DSB Beheer B.V., a Dutch financial services Group. The policy base of the Waard Group is predominantly term life policies, with some unit linked policies and some non-life policies.  On 5 April 2017 Chesnara completed its acquisition of Legal & General Nederland Levensverzeikering Maatschappij N.V. ('LGN') for €161.2 million. The LGN business which is being renamed Scildon, is in the Dutch life assurance market, and as with our Swedish subsidiary Movestic, Scildon will be writing protection and pension new business. 

Further details are available on the Company's website (www.chesnara.co.uk).

 

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