Chesnara's performance has changed significantly since the acquisition in July of Stockholm-based life assurer, Moderna Forsakingar, not least because unlike Chesnara's core closed life funds operation, Moderna writes new business, principally in corporate and personal pension arrangements and life assurance policies. Moderna has around 9 per cent of the Swedish unit-linked market.
Chesnara's shareholder equity on an European Embedded Value (EEV) jumped from £179m in June to £258m at the end of September, but even without Moderna, EEV rose from £181m a year earlier to £204m. Much of the improvement reflected a sharp increase in equity prices, but there were also benefits from continuing favourable persistency rates, meaning that fewer policy holders cashed in their investments.
When: 28/09/09
Price: 170p
