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Chesnara PLC

WHO WE ARE

We are a responsible and profitable company engaged in the management of Life and Pension policies in the UK, Sweden and the Netherlands.
Chesnara PLC was formed in 2004 and is listed on the London Stock Exchange.
The group initially consisted of Countrywide Assured, a closed Life and Pensions book demerged from Countrywide plc, a large estate agency...

EPIC:	CSN
Market:	LSE:CSN
52-week High/Low:	409.500p / 310.500p
Sector:	Insurance
Market Cap:	£537.80 m
Website:	www.chesnara.co.uk

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Big Picture – A Deep Dive Examination of Chesnara PLC

Chesnara just keeps rollin' along

September 01 2018

The group manages £7.8bn of funds: £2.8bn in the UK; £2.9bn in Sweden; and £2.1bn in the Netherlands.

Chesnara PLC Snapshot

Current statement

CULTURE AND VALUES	WHY IMPORTANT
MAINTAIN ADEQUATE FINANCIAL RESOURCES	Effective capital management underpins all of our cultural and strategic objectives. We consider financial stability to be a key aspect of treating customers fairly.
FAIR TREATMENT OF CUSTOMERS	The fair treatment of customers across the Group is our primary responsibility. It’s a foundation of the Chesnara business strategy as it promotes stronger relationships with our customers and regulators. When applying the terms of our customer contracts, coupled with the developing guidance from local regulators on the application of policy conditions, it is important that we take account of the treatment of our customers while balancing the interests of our other stakeholders. In addition to policyholder outcomes we see protecting the financial stability of the business as a whole and the provision of good service levels as key requirements.
PROVIDE A COMPETITIVE RETURN TO OUR SHAREHOLDERS	As a public company it is imperative that we offer an attractive investment case. Given the majority of our investors hold our shares in 'income funds', it is important that we deliver an attractive and sustainable dividend. We also recognise the benefits of being a 'low maintenance' investment, offering clarity and consistency of performance.
ROBUST REGULATORY COMPLIANCE	Working constructively with our regulators and complying with regulatory requirements is imperative to the delivery of our objectives. Chesnara’s Directors share the regulators’ desire for robust and responsible governance.
RESPONSIBLE RISK-BASED MANAGEMENT	Risk taking is a key part of our business model, taking the "right risks" and managing them well is essential to our success. We achieve this by understanding the key risk drivers of the business plan and strategy, and by making sure we monitor these risks and take appropriate risk-based decisions in a timely fashion, for the benefit of all of our stakeholders.

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.

Management

Peter Mason, Non-Executive Chairman

Peter was appointed as Chairman of Chesnara plc and Chairman of the Nomination Committee on 1 January 2009 and was appointed as Chairman of Movestic Livförsäkring AB with effect from 23 July 2009. He is also a member of the Remuneration Committee. He was the Investment Director and Actuary of Neville James Group, an investment management company and was admitted as a Fellow of the Institute of Actuaries in 1979. He has over 40 years’ experience in financial services and held several non-executive posts within the industry.

Mike Evans, Senior Independent Non-Executive Director

Mike Evans is an Independent Non-executive Director who was appointed to the Chesnara plc Board on 4 March 2013. He serves on the Audit & Risk, Nomination and Remuneration Committees. Mike became Senior Independent Director on 17 May 2013. He is currently Non-executive Chairman of Hargreaves Lansdown plc, a FTSE 100 listed company, a position he has held since 2009. He chairs their Nomination Committee and sits on their Remuneration Committee. He originally joined the Hargreaves Lansdown Board as a Non-executive Director in 2006. Mike is also the Non-executive Chairman of Zoopla Property Group plc. In this role he also chairs the Nomination Committee and is a member of the Remuneration Committee. Mike is a qualified actuary and served in a number of Director level positions within Skandia UK between 1991 and 2006.

John Deane, Chief-Executive Officer

John is a qualified Actuary and has over 30 years experience in the life assurance industry. John joined Century Life, a closed book acquisition company in 1993. As CEO, he oversaw the creation of the outsourcing company Adepta in 2000. He joined Old Mutual plc in 2003 becoming their Corporate Development Director later that year. In 2007 he joined the Board of Royal London with responsibility for their open businesses in the UK, Ireland and Isle of Man. Since 2013, John has been leading a financial services consultancy which has been advising UK and overseas companies on a variety of strategic projects.

Veronica Oak (nee France), Non Executive Director, Chairman of Remuneration Committee

Veronica Oak (née France) is an Independent Non-Executive Director who was appointed to the Chesnara plc Board on 16 January 2013. She serves on the Nomination and Audit & Risk Committees and took over the role of Chairman of the Remuneration Committee on 17 May 2013. On 16 February 2015, Veronica was appointed to the Board of the Hanley Economic Building Society as a Non-Executive Director and is a former Non-Executive Director of Family Assurance. Having held a number of positions within life companies, including Marketing Director, in 1992, Veronica set up her own financial services consultancy business advising on strategy, business development, product development and related activities. Veronica was Chairman of the trade body, the Investment and Life Assurance Group in 2002/3 and served on its Management Committee for over ten years before stepping down in 2010.‎

David Brand, Non Executive Director

David is an Independent Non-executive Director who was appointed to the Chesnara plc Board and the Board of Movestic Livförsäkring AB on 16 January 2013. He serves on the Nomination, and Audit & Risk Committees. He is a Non-executive Director at Exeter Friendly Society, where he is Chairman of the Investment Committee and also sits on the Audit, Risk and Compliance and the Nomination and Remuneration Committees. He is a qualified actuary who, prior to his retirement in June 2012, had worked for the Hannover Re Group in the UK, acting as the Managing Director of the UK life reinsurance subsidiary since 2003. David had been with the company since 1988, and a Director since 1990. During his career David has also held various roles with the Institute of Actuaries, including being a member of Council and he also served on the ABI Health Committee from 2006 to 2012.

Jane Dale, Non-Executive Director, Chairman of the Audit & Risk Committee

Appointed to the Chesnara plc Board and the Board of Countrywide Assured plc in May 2016.

David Rimmington, Executive - Group Finance Director

David was appointed as Group Finance Director with effect from 17 May 2013. He trained as a chartered accountant with KPMG, has more than 17 years’ experience in financial management within the life assurance and banking sectors and has had a significant role in a number of major acquisitions and business integrations. Prior to joining Chesnara plc in 2011 as Associate Finance Director David held a number of financial management positions within the Royal London Group including 6 years as Head of Group Management Reporting

Major Shareholders

Shares in issue: 149,7m 5p Ords

Major shareholders	Date	Amount	% Holding
Ameriprise Financial Inc	09 Mar 2016	15,181,378	12.01
Prudential Plc	05 Jan 2017	6,692,370	4.46
Aberdeen Asset Managers Ltd	23 Aug 2016	6,402,102	5.06
Barclayshare Nominees Ltd	23 Mar 2016	3,977,196	3.15

Directors		Date	Amount	% Holding
Peter W Mason	•	15 Dec 2016	25,743	0.02
John Vincent Deane	•	15 Dec 2016	19,677	0.01
David Rimmington	•	15 Dec 2016	8,848	0.01
Mike Evans	•	15 Dec 2016	7,956	0.01
David Brand	•	15 Dec 2016	5,500	0.004
Jane Dale	•	15 Dec 2016	3,333	0.002
Veronica Oak	•	15 Dec 2016	3,000	0.002

Contact information

Registered and Head Office
Chesnara plc
Building 4, West Strand Business Park
West Strand Road
Preston
PR1 8UY
Phone: +44 01772 972 050
Email: [email protected]