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Our Businesses

Our Group comprises largely closed consolidation business in the UK and a closed-book consolidation business in the Netherlands. In addition, we have a separate Dutch new business operation and a separate open business in Sweden.

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 provides financial protection, ranging from pensions and savings to life cover and critical illness benefit. It was their initial portfolio of policies that brought about the formation of Chesnara plc in 2004.

Many of their customers originate from historical acquisitions. For example, closed-book businesses purchased from City of Westminster Assurance, Save & Prosper, and Direct Line Life.

The primary focus of the business is the efficient and effective management of policies and customers’ interests, with the strategic objective of maximising value from the existing business. Countrywide Assured achieve this strategic aim by outsourcing their UK services to professional specialists, which is closely monitored by a central UK based governance team.

This outsourcing model creates a degree of cost variability, which is vital for a closed-book business whose size is reducing naturally over time. It’s an approach that also offers the flexibility to support and accommodate future acquisitions.

This model also supports the company's overriding philosophy of "putting the customer first". Adopting this perspective not only ensures a rewarding financial future for their customers but also supports delivery of a service that meets their needs. The company's efforts to deliver a first-class customer service were recently recognised by an Investor in Customers Silver Award 2020.

In 2022, Chesnara completed the acquisition of Sanlam Life & Pensions UK Limited, subsequently renamed to CA SLP Limited (SLP), a specialist provider of insurance and long-term savings products in the UK. The Part VII insurance business transfer of CA SLP into CA plc was completed on 31 December 2023.​

Expansion in the UK has continued with the acquisition of a protection portfolio from Canada Life. The acquisition has initially been executed through entering into a 100% reinsurance agreement with Canada Life, and these policies will subsequently transfer to the division through a Part VII transfer process.​

£205.1m
Economic Value
30 June 2024
£4.2bn
Funds under management
30 June 2024
2004
Original book divested to Chesnara
171%
SII ratio
30 June 2024

Movestic is one of the two parts of the Chesnara Group which deliver 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.

£193.9m
Economic Value
30 June 2024
£4.9bn
Funds under management
30 June 2024
2009
Original book divested to Chesnara
142%
SII ratio
30 June 2024

The Waard Group is a life and pension business which is closed to new business and is based on the outskirts of Amsterdam. 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.​

In 2022, Waard completed the acquisition of Robein Leven, a specialist provider of traditional and linked savings products, mortgages and annuities. On 1 January 2023, Waard completed the acquisition of the insurance portfolio of Conservatrix, a specialist provider of life insurance products in the Netherlands that was declared bankrupt on 8 December 2020.​

£107.6m
Economic Value
30 June 2024
£0.8bn
Funds under management
30 June 2024
2015
Original book divested to Chesnara
304%
SII ratio
30 June 2024

Scildon is based in Hilversum in the Netherlands and started trading in 1984 as Legal & General Nederland. The company has been renamed Scildon following the acquisition by Chesnara.

Scildon is a leading provider of risk and investment-linked products, sold through independent financial advisers to high net worth customers. It also offers a defined contribution group pension platform focussing on Dutch SMEs.

A successful combination of customer focus and product development has made Scildon a “top 5 player” on the Term market, market leader in Unit Linked Products and has delivered impressive growth in the field of defined contribution Group Pensions. Scildon consistently wins awards from the Dutch organisation of independent financial advisors, Adfiz, and was awarded “Best Individual Life Insurance” provider and “Best Group Pension Insurer” for 2017.

Scildon and Chesnara have ambitious growth plans for the company, with further product, systems and portal development anticipated to further enhance Scildon’s enviable position in the Dutch Life & Pensions market.

£138.4m 
Economic Value
30 June 2024
£2.0bn
Funds under management
30 June 2024
2017
Acquired by Chesnara
194%
SII ratio
30 June 2024

Countrywide Assured provides financial protection, ranging from pensions and savings to life cover and critical illness benefit. It was their initial portfolio of policies that brought about the formation of Chesnara plc in 2004.

Many of their customers originate from historical acquisitions. For example, closed-book businesses purchased from City of Westminster Assurance, Save & Prosper, and Direct Line Life.

The primary focus of the business is the efficient and effective management of policies and customers’ interests, with the strategic objective of maximising value from the existing business. Countrywide Assured achieve this strategic aim by outsourcing their UK services to professional specialists, which is closely monitored by a central UK based governance team.

This outsourcing model creates a degree of cost variability, which is vital for a closed-book business whose size is reducing naturally over time. It’s an approach that also offers the flexibility to support and accommodate future acquisitions.

This model also supports the company's overriding philosophy of "putting the customer first". Adopting this perspective not only ensures a rewarding financial future for their customers but also supports delivery of a service that meets their needs. The company's efforts to deliver a first-class customer service were recently recognised by an Investor in Customers Silver Award 2020.

In 2022, Chesnara completed the acquisition of Sanlam Life & Pensions UK Limited, subsequently renamed to CA SLP Limited (SLP), a specialist provider of insurance and long-term savings products in the UK. The Part VII insurance business transfer of CA SLP into CA plc was completed on 31 December 2023.​

Expansion in the UK has continued with the acquisition of a protection portfolio from Canada Life. The acquisition has initially been executed through entering into a 100% reinsurance agreement with Canada Life, and these policies will subsequently transfer to the division through a Part VII transfer process.​

£205.1m
Economic Value
30 June 2024
£4.2bn
Funds under management
30 June 2024
2004
Original book divested to Chesnara
171%
SII ratio
30 June 2024

Movestic is one of the two parts of the Chesnara Group which deliver 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.

£193.9m
Economic Value
30 June 2024
£4.9bn
Funds under management
30 June 2024
2009
Original book divested to Chesnara
142%
SII ratio
30 June 2024

The Waard Group is a life and pension business which is closed to new business and is based on the outskirts of Amsterdam. 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.​

In 2022, Waard completed the acquisition of Robein Leven, a specialist provider of traditional and linked savings products, mortgages and annuities. On 1 January 2023, Waard completed the acquisition of the insurance portfolio of Conservatrix, a specialist provider of life insurance products in the Netherlands that was declared bankrupt on 8 December 2020.​

£107.6m
Economic Value
30 June 2024
£0.8bn
Funds under management
30 June 2024
2015
Original book divested to Chesnara
304%
SII ratio
30 June 2024

Scildon is based in Hilversum in the Netherlands and started trading in 1984 as Legal & General Nederland. The company has been renamed Scildon following the acquisition by Chesnara.

Scildon is a leading provider of risk and investment-linked products, sold through independent financial advisers to high net worth customers. It also offers a defined contribution group pension platform focussing on Dutch SMEs.

A successful combination of customer focus and product development has made Scildon a “top 5 player” on the Term market, market leader in Unit Linked Products and has delivered impressive growth in the field of defined contribution Group Pensions. Scildon consistently wins awards from the Dutch organisation of independent financial advisors, Adfiz, and was awarded “Best Individual Life Insurance” provider and “Best Group Pension Insurer” for 2017.

Scildon and Chesnara have ambitious growth plans for the company, with further product, systems and portal development anticipated to further enhance Scildon’s enviable position in the Dutch Life & Pensions market.

£138.4m 
Economic Value
30 June 2024
£2.0bn
Funds under management
30 June 2024
2017
Acquired by Chesnara
194%
SII ratio
30 June 2024
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