Chesnara has delivered a very strong financial performance in the first half of 2026 with Operating Capital Generation up 79% and a 6% increase in the interim dividend. The integration of Chesnara Life UK, our largest acquisition to date, continues at pace with strong capital generation already delivered from our first five months of ownership. The regulatory Change in Control for the proposed acquisition of Scottish Widows Europe SA is anticipated around the end of 2026, and we continue to see attractive opportunities to grow the business, underpinned by a healthy M&A pipeline and disciplined execution across the Group.
Steve Murray – Group CEO
HY 2026 FINANCIAL HEADLINES
£31m
Adjusted Operating Profit (AOP)
Strong operating performance in each of our business units has contributed to a 46% increase in AOP, reflecting robust operating experience and an incremental contribution from Chesnara Life UK
£96m
Operating Capital Generation
Operating Capital Generation (OCG) increased by 79% to £96m (HY 2025: £54m), driven by positive contributions from all business units and further benefits from capital optimisation activities, including those driven by the acquisition of Chesnara Life UK.
£976m
Own Funds 30 June 2026
Own Funds increased by 14% to £976m (FY 2025: £859m), driven by robust operating performance, positive investment variances and gains from the completion of the Chesnara Life UK acquisition.
185%
Solvency Coverage Ratio 30 June 2026
The Solvency Coverage Ratio of 185% remains comfortably above our operating range of 140% to 160% following the acquisition of Chesnara Life UK and continues to be resilient to a wide range of financial scenarios providing the Group with headroom to pursue further M&A and other investment opportunities as they arise.
£21bn1
Assets under Administration 30 June 2026
Assets under Administration (AuA) have increased by c38%, reflecting incremental AuA from Chesnara Life UK and the impact of positive market conditions.
The interim dividend for half year 2026 increased by 6% to 8.16p per share, a one-off step-up extending the period of uninterrupted dividend growth to more than 21 years.
HY 2026 PERFORMANCE AGAINST STRATEGIC OBJECTIVES
