Life and pensions consolidator Chesnara PLC (LSE:CSN) highlighted European growth in its full-year results, underscored by the acquisition of the insurance portfolio of Conservatrix in the Netherlands and an individual protection portfolio from Canada Life UK.
Financial highlights for the year included a marked improvement in commercial cash generation, with the group reporting £53 million, up from £46.6 million the previous year.
This growth was attributed to the company's strategic acquisitions and operational efficiency improvements, which also helped to recover pre-tax profit to £1.8 million from a £62.1 million loss in the 2022 financial year.
Chesnara's solvency position also strengthened, with a solvency ratio of 205%, well above its normal operating range of 140-160%.
Chesnara announced a 3% increase in its full-year dividend, marking it at 23.97p per share.
Chief executive Steve Murray said: "The two acquisitions we delivered in 2023 show we have continued momentum behind our acquisition strategy.
“We have seen significant delivery across the group in the period including IFRS 17 and our new strategic partnership with SS&C for policy administration, which supports Chesnara's future growth ambitions in the UK.
“The wider business has continued to deliver for our customers and has also performed robustly despite continuing market volatility delivering economic value growth.”
Chesnara shares were buoyant following the publication of the results, adding 1.8% to 266.6p at the time of writing.