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Chesnara
Chesnara (CSN) investor relations material
Chesnara M&A announcement summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.M&A announcement summary17 Feb, 2026
Deal rationale and strategic fit
Acquisition expands presence in Luxembourg, a stable, AAA-rated market, supporting ambitions to be a leading European life and pensions consolidator and providing a platform for future cross-border consolidation.
Adds a scalable platform with 46,000 policies and €1.7 billion in assets under administration, supporting further European expansion.
Scottish Widows Europe’s closed life and pensions business aligns with existing expertise and product familiarity, with the experienced management team remaining post-acquisition.
Enhances group scale and strengthens position in Europe, with a modern, scalable operating platform.
Supports strategy of value-enhancing M&A and positions the group as a leading European consolidator.
Financial terms and conditions
Total consideration is €110 million, representing 64% of Scottish Widows Europe’s eligible own funds.
Funded entirely from available cash, including proceeds from a recent RT1 issuance, with no external fundraising required.
Pro-forma solvency coverage ratio remains strong at 173%, above the 140%-160% target range, and leverage below 30%.
Expected incremental cash generation of €250 million over the lifetime of the acquired policies, with €100 million in the first five years.
Deal is expected to be materially value accretive at completion.
Synergies and expected cost savings
Modern, efficient, and scalable platform enables operational leverage and supports future growth.
Policy administration powered by a leading third-party technology provider (Lifeware), supporting efficiency.
Structural synergies from increased group size and risk diversification across territories.
Opportunity to extend proven capital management actions, such as reinsurance and hedging, to the new portfolio.
Additional upside possible from late-stage integration synergies not yet included in disclosed numbers.
Indemnity claims: Chesnara's retained liability?
How does Scottish Widows' financial health impact SWE?
What are key Luxembourg regulatory integration risks?
Post-SWE deal, what M&A capacity remains
Detail expected capital synergies from SWE deal
What is the duration profile of SWE products
Partial view of Summaries dataset, powered by Quartr API
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Next Chesnara earnings date
H2 202524 Mar, 2026
Chesnara
Next Chesnara earnings date
H2 202524 Mar, 2026
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Frequently asked questions
Chesnara plc engages in the life assurance and pension businesses. It provides life assurance, endowment and pensions, with-profits annuities, and bulk purchase annuities; reinsurance and acquisition of in-force life insurance books; pensions and annuity administration products; and services to insurance companies, occupational pension schemes, multinationals, charities and not-for-profit organizations.
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