S&P boosts Chesnara's NAV

31st Mar 2011 17:02

Life assurance company Chesnara says that the acquisition of Save & Prosper (S&P) has boosted its asset value. S&P was acquired on 20 December but it still made a significant profit contribution and boosted the balance sheet.Chesnara reported an IFRS pre-tax profit of £34.2m, including £15.9m from acquisitions including S&P. In 2009, the reported profit was £44.7m. On an EEV basis the profit was £77m, including a £41m profit from S&P and other acquisitions. That was similar to the £78.2m made in 2009. The total dividend is 3% higher at 16.4p a share. The EEV asset value was £354.6m (309p a share) at the end of 2010. The solvency ratio remains well above target at 200% post dividend. Panmure Gordon has a price target of 285p a share.