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Our Businesses

Our Group comprises a closed UK business, an open Swedish life and pensions business and a closed Dutch group.

ABOUT OUR DIVISIONS

We have a clear aim to provide a consistent and dependable dividend flow for our shareholders through the acquisition, restructuring and management of Financial Services companies in Western Europe. Our primary focus is on closed books but we also recognise the contribution of open businesses where there is clear value enhancement.

Countrywide Assured was the original business when Chesnara plc was formed. The in-force book has grown throughout our history as the books of City of Westminster Assurance, Save & Prosper and Direct Line Life have been acquired and consolidated into the Countrywide Assured portfolio.

The primary focus of the business is the efficient management of the policies and policyholders’ interests. This gives rise to surplus emergence which supports our strategic objective of maximising value from existing business.

Where possible, UK services are outsourced to professional specialists. Chesnara benefit from expert knowledge whilst the outsource contracts create a degree of cost variability which is vital for a closed book business whose size will naturally reduce over time. The outsource model also offers the flexibility to support and accommodate future acquisitions.

Oversight of the outsourced functions is a core responsibility of a central UK based governance team.

The UK remains a key target market to continue our acquisition strategy.

£239.6m
Economic value December 2016
£2.9bn
Funds under management December 2016
2004
Original book divested to Chesnara
£203.5m
Gross cash generated in 5 years to 2016

Movestic is the only part of the Chesnara Group which delivers against the core objective “Enhance value through profitable new business”. From their Stockholm base, Movestic operates as a challenger brand in the Swedish life insurance market. They offer transparent unit linked pension and savings solutions through Independent Financial Advisors. Movestic is currently one of the most selected providers of advised occupational pension plans within the fund insurance segment in Sweden.

Movestic places great importance on providing quality service to both customers and IFAs, with simple, clear unit linked products, supported by an attractive and broad investment fund range. The aim of Movestic is to offer policyholders the best funds and management services on the market. Year after year, their customers have enjoyed good returns on their savings. This means that they can offer a real chance of a better future when the time comes for their customers’ retirement.

Movestic also has a portfolio of risk and health products which offer protection should the worst happen. Their range of policies is closely adapted to the needs of their customers, and their claims handling is one of the best in the Swedish industry.

Unlike the UK operations, Movestic manages its own servicing. An in-house model is deemed more appropriate given the focus towards tailored high quality servicing of IFA’s and the fact the business is growing.

As an “open” business, Movestic not only adds value from sales but as it gains scale, will become increasingly cash generative which will fund further growth or contribute towards the Group’s dividend strategy.

£226m
Economic value December 2016
£2.5bn
Funds under management December 2016
2009
Original book divested to Chesnara
13.20%
Share of target unit linked pension market

The Waard Group is a relatively small Life and Pension business based on the outskirts of Amsterdam. It has an autonomous, high quality governance and operating structure. It is a small operation in the context of the Chesnara Group and is closed to new business. Whilst efficient management of its policies is expected to contribute to the cash generation of the Group, more importantly the business is deemed to create a point of entry to the Dutch market in which we aim to continue our acquisition strategy.

£88.4m
Economic value December 2016
£0.2bn
Funds under management December 2016
2015
Original book divested to Chesnara
£62.3m
Surplus Solvency II capital December 2016

Countrywide Assured was the original business when Chesnara plc was formed. The in-force book has grown throughout our history as the books of City of Westminster Assurance, Save & Prosper and Direct Line Life have been acquired and consolidated into the Countrywide Assured portfolio.

The primary focus of the business is the efficient management of the policies and policyholders’ interests. This gives rise to surplus emergence which supports our strategic objective of maximising value from existing business.

Where possible, UK services are outsourced to professional specialists. Chesnara benefit from expert knowledge whilst the outsource contracts create a degree of cost variability which is vital for a closed book business whose size will naturally reduce over time. The outsource model also offers the flexibility to support and accommodate future acquisitions.

Oversight of the outsourced functions is a core responsibility of a central UK based governance team.

The UK remains a key target market to continue our acquisition strategy.

£239.6m
Economic value December 2016
£2.9bn
Funds under management December 2016
2004
Original book divested to Chesnara
£203.5m
Gross cash generated in 5 years to 2016

Movestic is the only part of the Chesnara Group which delivers against the core objective “Enhance value through profitable new business”. From their Stockholm base, Movestic operates as a challenger brand in the Swedish life insurance market. They offer transparent unit linked pension and savings solutions through Independent Financial Advisors. Movestic is currently one of the most selected providers of advised occupational pension plans within the fund insurance segment in Sweden.

Movestic places great importance on providing quality service to both customers and IFAs, with simple, clear unit linked products, supported by an attractive and broad investment fund range. The aim of Movestic is to offer policyholders the best funds and management services on the market. Year after year, their customers have enjoyed good returns on their savings. This means that they can offer a real chance of a better future when the time comes for their customers’ retirement.

Movestic also has a portfolio of risk and health products which offer protection should the worst happen. Their range of policies is closely adapted to the needs of their customers, and their claims handling is one of the best in the Swedish industry.

Unlike the UK operations, Movestic manages its own servicing. An in-house model is deemed more appropriate given the focus towards tailored high quality servicing of IFA’s and the fact the business is growing.

As an “open” business, Movestic not only adds value from sales but as it gains scale, will become increasingly cash generative which will fund further growth or contribute towards the Group’s dividend strategy.

£226m
Economic value December 2016
£2.5bn
Funds under management December 2016
2009
Original book divested to Chesnara
13.20%
Share of target unit linked pension market

The Waard Group is a relatively small Life and Pension business based on the outskirts of Amsterdam. It has an autonomous, high quality governance and operating structure. It is a small operation in the context of the Chesnara Group and is closed to new business. Whilst efficient management of its policies is expected to contribute to the cash generation of the Group, more importantly the business is deemed to create a point of entry to the Dutch market in which we aim to continue our acquisition strategy.

£88.4m
Economic value December 2016
£0.2bn
Funds under management December 2016
2015
Original book divested to Chesnara
£62.3m
Surplus Solvency II capital December 2016

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