Chesnara (CSN) Investor presentation summary

Strategic framework evolution

• Transitioned to a simpler, market-standard financial framework focused on cash, capital, and value.

• Streamlined market-facing materials and performance metrics for clarity and comparability.

• New core metrics are Operating Capital Generation (OCG) and Adjusted Operating Profit (AOP).

• Legacy metrics removed from presentations but retained in annual reports.

FY 2024 financial highlights

• Operating Capital Generation reached £79m, reflecting sustainable capital generation.

• Adjusted Operating Profit reported at £39m, providing a clearer view of operational performance.

• Solvency Coverage Ratio stood at 203%, indicating strong capital adequacy.

• Assets under Administration totaled £14bn, with cash remittances of £45m.

• Own Funds amounted to £643m, supporting ongoing business strength.

Metric definitions and rationale

• OCG measures sustainable Solvency II capital generation from operations, supporting long-term cash remittances.

• AOP adjusts IFRS profit before tax to exclude one-off or volatile items, clarifying underlying profitability.

• Solvency Coverage Ratio and Own Funds provide industry-standard measures of balance sheet strength.

• Assets under Administration serve as a lead indicator for future cash generation.