19th Nov 2013 10:17
LONDON (Alliance News) - Chesnara PLC Tuesday said its third quarter pretax profit was broadly flat, though its pretax profit for the first nine months of the year more than doubled to GBP32.8 million.
The life insurance and pensions holding company, which recently acquired Direct Line Insurance Group PLC's UK closed life insurance business in a GBP39.3 million deal, also said it was keeping an eye on a number of other potential acquisition opportunities, probably in the UK and Western Europe.
Chenara said it made a GBP11.0 million pretax profit for the quarter ended September 30, compared with GBP10.8 million for the corresponding period last year.
Chesnara's Swedish business, life assurer Movestic, has continued to see good growth as third quarter pretax earnings tripled to GBP1.2 million the third quarter, which was attributed to the continued recovery in Swedish equity markets.
However, its UK business had a mixed third quarter, with Countrywide Assured's 35.2% increase in pretax earnings, which totalled GBP7.3 million, outweighed by a decline in Save & Prosper, meaning the UK business as whole saw third quarter pretax earnings fall by 8.4% to GBP12.0 million.
Chesnara shares were Tuesday quoted at 301.45 pence, up 0.5%.
By Samuel Agini; [email protected]; @samuelagini
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