Chesnara

CSN · Main Market · Insurance · mcap £745m · 327.5p

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Financials · balance sheet 30 Jun 26 · last twelve months · today’s market value

Source: results 25 Aug 26 ↗

Key figures Cash & debt Profit & cash flow Valuation Returns & quality Latest half-year

Market cap: £759.2m
Owner’s net cash: £208.2m
Net cash / market cap: 27%
Revenue: £346.9m
Price / tangible book: 1.69×
Net income (owners): £1.0m

Hover or tap a figure for its formula and the values used – the names are the line names of the key figures below. Extracted automatically from the company's results announcements; check the source before relying on a figure. Not investment advice.

Key figures As reported

Income statement Balance sheet Cash flow

Annual Half-yearly

Standardised line items in £m, comparable across companies; when a later report restated a period, the later figure is shown and marked ^r (hover for the figure first reported). Italic = calculated (LTM, H2 = FY − H1); a year of other than 12 months is marked (15m). Hover a value for its source.

Latest report: H1 26 (six months to 30 Jun 26), published 25 Aug 26 · read the results ↗

Source ↗

	Unaudited Six months ended 30 Jun 2026 £m	Unaudited Six months ended 30 Jun 2025 £m	Year ended 31 Dec 2025 £m
Insurance revenue	255.9	136.0	227.0
Insurance service expense	(176.1)	(136.7)	(208.1)
Net expenses from reinsurance contracts held	(12.2)	3.0	3.0
Insurance service result	67.6	2.3	21.9
Net investment return	1,232.9	(21.4)	649.2
Net finance expenses from insurance contracts issued	(432.9)	(18.4)	(205.6)
Net finance income from reinsurance contracts held	5.1	4.6	14.2
Net change in investment contract liabilities	(497.3)	46.5	(345.2)
Change in liabilities relating to policyholders' funds held by the Group	(279.8)	5.1	(62.4)
Net investment result	28.0	16.4	50.2
Fee, commission and other operating income	79.3	60.1	114.2
Total revenue net of investment result	174.9	78.8	186.3
Other operating expenses	(108.1)	(77.9)	(156.1)
Total income less expenses	66.8	0.9	30.2
Financing costs	(5.8)	(5.5)	(11.4)
Profit/(Loss) before income taxes	61.0	(4.6)	18.8
Income tax expense	(60.4)	(6.2)	(29.2)
Profit/(Loss) for the period	0.6	(10.8)	(10.4)
Items that may be reclassified subsequently to profit and loss
Foreign exchange translation differences arising on the revaluation of foreign operations	(0.2)	12.0	20.5
Revaluation of pension obligations after tax	(0.1)	0.7	2.1
Other comprehensive income/(expense) for the period, net of tax	(0.3)	12.7	22.6
Total comprehensive income/(expense) for the period	0.3	1.9	12.2
Basic earnings per share (based on profit or loss for the period)	0.22p	7.14p	5.05p
Diluted earnings per share (based on profit or loss for the period)	0.22p	7.02p	5.05p

Source ↗

	Unaudited As at 30 Jun 2026 £m	Unaudited As at 30 Jun 2025 £m	As at 31 Dec 2025 £m
Assets
Intangible assets	158.7	88.7	89.4
Property and equipment	7.4	8.1	7.6
Investment properties	89.7	94.0	91.0
Deferred tax assets	35.2	37.8	31.8
Insurance contract assets	27.3	-	-
Reinsurance contract assets	329.3	162.8	168.0
Amounts deposited with reinsurers	35.7	34.1	35.0
Financial investments	19,815.0	12,859.5	13,948.2
Derivative financial instruments	0.3	0.6	0.9
Other assets	94.8	53.5	58.8
Cash and cash equivalents	410.7	170.2	145.3
Total assets	21,004.1	13,509.3	14,576.0
Liabilities
Insurance contract liabilities	8,344.9	4,113.6	3,940.7
Reinsurance contract liabilities	40.7	12.9	10.5
Other provisions	22.8	24.2	21.7
Investment contracts at fair value through profit or loss	8,109.8	6,143.7	6,717.0
Liabilities relating to policyholders' funds held by the Group	3,464.9	2,568.8	2,938.5
Lease contract liabilities	1.2	1.9	1.7
Borrowings	202.5	203.8	203.0
Derivative financial instruments	-	8.8	0.1
Deferred tax liabilities	139.1	28.2	48.3
Deferred income	1.0	1.2	1.1
Other current liabilities	153.1	108.1	129.5
Bank overdrafts	0.5	0.8	0.6
Total liabilities	20,480.5	13,216.0	14,012.7
Net assets	523.6	293.3	563.3
Shareholders' equity
Share capital	11.5	7.5	11.5
Share premium	270.9	142.5	270.9
Merger reserve	36.3	36.3	36.3
Tier 1 Notes	147.8	-	147.8
Treasury Shares	(0.5)	-	(1.0)
Other reserves	13.9	4.3	14.2
Retained earnings	43.7	102.7	83.6
Total shareholders' equity	523.6	293.3	563.3

Source ↗

	Six months ended 30 Jun 2026 £m	Restated Six months ended 30 Jun 2025 £m
Profit/(Loss) for the period	0.6	(10.8)
Adjustments for
Depreciation of property and equipment	0.5	0.4
Depreciation on right of use assets	0.3	0.3
Amortisation of intangible assets	7.9	9.7
Share based payment	-	1.0
Tax expense	60.4	6.2
Interest receivable	(19.0)	(8.6)
Dividends receivable	(17.4)	(10.1)
Interest expense	5.8	5.3
Fair value gains on financial assets and investment properties	(1,232.8)	(27.9)
Increase in intangible assets related to investment contracts	(6.2)	(5.5)
Adjustment total	(1,200.5)	(29.2)
Interest received	10.2	7.6
Dividends received	17.3	9.2
Changes in operating assets and liabilities
Increase in financial assets and investment properties	(77.7)	(305.9)
Decrease in net reinsurance contract assets	12.5	3.8
Increase / (decrease) in amounts deposited with reinsurers	(0.6)	0.2
Decrease in other assets	57.3	39.7
Increase / (decrease) in net insurance contract liabilities	422.5	(88.4)
Increase in investment contract liabilities	1,173.2	467.8
(Decrease) / increase in provisions	(0.3)	3.5
Decrease in other current liabilities	(19.9)	(35.5)
Cash generated by operations	394.6	62.0
Income tax paid	(35.3)	(0.7)
Net cash generated from operating activities	359.3	61.3
Cash flows from investing activities Acquisition of subsidiary, net of cash acquired	(53.2)	-
Net proceeds / (purchases) of property and equipment	1.2	(0.5)
Net cash utilised by investing activities	(52.0)	(0.5)
Cash flows from financing activities
Sale of treasury shares	0.5	-
RT1 coupon payments	(6.4)	-
Repayment of borrowings	(0.7)	(0.9)
Repayment of lease liabilities	(0.2)	(0.2)
Dividends paid	(34.1)	(24.3)
Interest paid	(0.1)	(5.3)
Net cash utilised by financing activities	(41.0)	(30.7)
Net increase in cash and cash equivalents	266.3	30.1
Net cash and cash equivalents at beginning of period	144.7	137.2
Effect of exchange rate changes on net cash and cash equivalents	(0.8)	2.1
Net cash and cash equivalents at end of the period	410.2	169.4

Source ↗

	2025 £m	2024 £m
Insurance revenue	227.0	261.9
Insurance service expense	(208.1)	(244.1)
Net expenses from reinsurance contracts held	3.0	(9.2)
Insurance service result	21.9	8.6
Net investment return	649.2	1,286.1
Net finance (expenses) / income from insurance contracts issued	(205.6)	(334.8)
Net finance income / (expenses) from reinsurance contracts held	14.2	2.6
Net change in investment contract liabilities	(345.2)	(740.4)
Change in liabilities relating to policyholders' funds held by the group	(62.4)	(160.8)
Net investment result	50.2	52.7
Fee, commission and other operating income	114.2	104.2
Total revenue net of investment result	186.3	165.5
Other operating expenses	(156.1)	(133.6)
Total income less expenses	30.2	31.9
Financing costs	(11.4)	(11.1)
Profit / (loss) before income taxes	18.8	20.8
Income tax credit	(29.2)	(16.9)
Profit / (loss) for the period	(10.4)	3.9
Items that may be reclassified subsequently to profit and loss
Foreign exchange translation differences arising on the revaluation of foreign operations	20.5	(15.3)
Revaluation of land and building	-	0.4
Items that will not be reclassified to profit and loss
Revaluation of pension obligations after tax	2.1	-
Other comprehensive (expense) / income for the period, net of tax	22.6	(14.9)
Total comprehensive income / (expense) for the period	12.2	(11.0)
Basic earnings per share (based on profit or loss for the period)	(5.05p)	2.27p
Diluted earnings per share (based on profit or loss for the period)	(5.05p)	2.23p

Source ↗

	2025 £m	2024 £m
Assets
Intangible assets	89.4	87.2
Property and equipment	7.6	7.8
Investment properties	91.0	91.7
Deferred tax assets	31.8	38.9
Insurance contract assets	-	1.8
Reinsurance contract assets	168.0	169.9
Amounts deposited with reinsurers	35.0	34.3
Financial investments	13,948.2	12,116.7
Derivative financial instruments	0.9	0.1
Other assets	58.8	68.7
Cash and cash equivalents	145.3	138.0
Total assets	14,576.0	12,755.1
Liabilities
Insurance contract liabilities	3,940.7	4,099.1
Reinsurance contract liabilities	10.5	16.6
Other provisions	21.7	20.3
Investment contracts at fair value through profit or loss	6,717.0	6,116.7
Liabilities relating to policyholders' funds held by the group	2,938.5	1,825.5
Lease contract liabilities	1.7	0.6
Borrowings	203.0	204.8
Derivative financial instruments	0.1	0.6
Deferred tax liabilities	48.3	24.7
Deferred income	1.1	1.3
Other current liabilities	129.5	129.7
Bank overdrafts	0.6	0.8
Total liabilities	14,012.7	12,440.7
Net assets	563.3	314.4
Shareholders' equity
Share capital	11.5	7.5
Share premium	270.9	142.5
Merger reserve	36.3	36.3
Tier 1 Notes	147.8	-
Treasury shares	(1.0)	-
Other reserves	14.2	(8.4)
Retained earnings	83.6	136.5
Total shareholders' equity	563.3	314.4

Source ↗

	2025 £m	2024 (restated) £m
Profit / (Loss) for the period	(10.4)	3.9
Adjustments for
Depreciation of property and equipment	1.0	0.9
Depreciation on right of use assets	0.6	0.8
Amortisation and impairment of intangible assets	16.7	16.1
Share based payment	(0.5)	2.0
Tax expense	29.2	16.9
Interest receivable	(22.6)	(18.5)
Dividends receivable	(29.7)	(34.9)
Interest expense	11.3	10.5
Fair value gains on financial assets and investment properties	(649.2)	(1,286.1)
Increase in intangible assets related to investment contracts	(10.9)	(11.3)
Adjustment total	(654.1)	(1,303.6)
Interest received	21.5	18.1
Dividends received	29.1	35.2
Changes in operating assets and liabilities
(Increase) / decrease in financial assets and investment properties	(394.3)	156.1
(Increase) / decrease in net reinsurance contract assets	(3.2)	14.8
Increase in amounts deposited with reinsurers	(0.8)	(1.8)
Decrease in other assets	52.6	16.2
(Decrease) / increase in net insurance contract liabilities	(318.2)	35.7
Increase in investment contract liabilities	1,093.9	1,121.0
Increase / (decrease) in provisions	0.7	(2.2)
Decrease in other current liabilities	(36.1)	(53.7)
Cash (utilised)/ generated by operations	(219.3)	39.7
Income tax (paid)/recovered	(0.5)	3.7
Net cash (utilised)/generated from operating activities	(219.8)	43.4
Cash flows from investing activities
Clawback of consideration for acquisition of a subsidiary	-	1.0
Net purchases of property and equipment	(0.9)	(0.8)
Net cash (utilised)/generated by investing activities	(0.9)	0.2
Cash flows from financing activities
Net proceeds from the rights issue	136.4	-
Transaction costs related to rights issue	(4.0)	-
Net proceeds from the issue of Tier 1 Notes	148.7	-
Transaction costs related to issue of Tier 1 Notes	(0.9)	-
Repayment of borrowings	(1.8)	(2.6)
Repayment of lease liabilities	(0.6)	(0.3)
Purchase of treasury shares	(1.0)	-
Dividends paid	(42.0)	(36.5)
Interest paid	(11.0)	(10.3)
Net cash generated/(utilised) by financing activities	223.8	(49.7)
Net increase / (decrease) in cash and cash equivalents	3.1	(6.1)
Net cash and cash equivalents at beginning of period	137.2	145.9
Effect of exchange rate changes on net cash and cash equivalents	4.4	(2.6)
Net cash and cash equivalents at end of the period	144.7	137.2

	LTM Jun 26	FY 25	FY 24
Insurance and banking
Insurance revenue	346.9	227.0	261.9
Insurance service result	87.2	21.9	8.6
Investment income	1,903.5	649.2	1,286.1
Revenue to operating profit
Depreciation (owned assets)	1.1	1.0	0.9
Depreciation (right-of-use)	0.6	0.6	0.8
Amortisation	14.9	16.7	16.1
Share-based payments	–	(0.5)	2.0
Operating profit to net income
Fair value gains / losses	–	(649.2)	(1,286.1)
Finance costs	(11.7)	(11.4)	(11.1)
Profit before tax	84.4	18.8	20.8
Tax	(83.4)	(29.2)	(16.9)
Net income (owners)	1.0	(10.4)	3.9
Per share
EPS basic	2.3p	(5.0p)	2.3p
EPS diluted	2.2p	(5.0p)	2.2p
Dividend per share	–	22.5p	–

	H1 26	vs H1 25	H2 25	H1 25
Insurance and banking
Insurance revenue	255.9	+88%	91.0	136.0
Insurance service result	67.6	n/m	19.6	2.3
Investment income	1,232.9	n/m	670.6	(21.4)
Revenue to operating profit
Depreciation (owned assets)	0.5	+25%	0.6	0.4
Depreciation (right-of-use)	0.3	0%	0.3	0.3
Amortisation	7.9	−19%	7.0	9.7
Operating profit to net income
Finance costs	(5.8)	+5%	(5.9)	(5.5)
Profit before tax	61.0	n/m	23.4	(4.6)
Tax	(60.4)	n/m	(23.0)	(6.2)
Net income (owners)	0.6	n/m	0.4	(10.8)
Per share
EPS basic	0.2p	–	2.1p	(7.1p)
EPS diluted	0.2p	–	2.0p	(7.0p)
Dividend per share	8.2p	–	–	–

	LTM Jun 26	FY 25	FY 24
Operating activities
Cash from operations	78.2	(219.8)	43.4
Interest paid	(5.8)	(11.0)	(10.3)
Tax paid	(35.1)	(0.5)	3.7
Investing activities
Capex (PP&E)	–	(0.9)	(0.8)
Financing activities
Lease principal paid	(0.6)	(0.6)	(0.3)
Dividends paid	(51.8)	(42.0)	(36.5)
Share buybacks	–	(1.0)	–

	H1 26	vs H1 25	H2 25	H1 25
Operating activities
Cash from operations	359.3	+486%	(281.1)	61.3
Interest paid	(0.1)	−98%	(5.7)	(5.3)
Tax paid	(35.3)	n/m	0.2	(0.7)
Financing activities
Lease principal paid	(0.2)	0%	(0.4)	(0.2)
Dividends paid	(34.1)	+40%	(17.7)	(24.3)

	30 Jun 26	31 Dec 25	31 Dec 24
Insurance and banking
Solvency II ratio	185.0%	257.0%	203.0%
Financial investments	19,815.0	13,948.2	12,116.7
Reinsurance assets	329.3	168.0	169.9
Insurance contract liabilities	8,344.9	3,940.7	4,099.1
Non-current assets
Goodwill	74.0	–	–
Property, plant & equipment	7.4	7.6	7.8
Investment property	89.7	91.0	91.7
Current assets
Cash	410.7	145.3	138.0
Total assets	21,004.1	14,576.0	12,755.1
Current liabilities
Borrowings, current	–	0.8	1.4
Non-current liabilities
Borrowings, non-current	202.5	203.0	203.4
Lease liabilities, non-current	1.2	1.7	–
Total liabilities	20,480.5	14,012.7	12,440.7
Equity
Total equity	523.6	563.3	314.4
Net cash and other figures
Treasury shares	-0.5m	-1.0m	–

	30 Jun 26	31 Dec 25	30 Jun 25	31 Dec 24
Insurance and banking
Solvency II ratio	185.0%	257.0%	–	203.0%
Financial investments	19,815.0	13,948.2	12,859.5	12,116.7
Reinsurance assets	329.3	168.0	162.8	169.9
Insurance contract liabilities	8,344.9	3,940.7	4,113.6	4,099.1
Non-current assets
Goodwill	74.0	–	–	–
Property, plant & equipment	7.4	7.6	8.1	7.8
Investment property	89.7	91.0	94.0	91.7
Current assets
Cash	410.7	145.3	170.2	138.0
Total assets	21,004.1	14,576.0	13,509.3	12,755.1
Current liabilities
Borrowings, current	–	0.8	–	1.4
Non-current liabilities
Borrowings, non-current	202.5	203.0	203.8	203.4
Lease liabilities, non-current	1.2	1.7	1.9	–
Total liabilities	20,480.5	14,012.7	13,216.0	12,440.7
Equity
Total equity	523.6	563.3	293.3	314.4
Net cash and other figures
Treasury shares	-0.5m	-1.0m	–	–

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