Chesnara Marketing Mix
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Product
Closed Life and Pension Books
Chesnara buys and runs closed life and pension books—portfolios no longer sold to new customers—managing £11.5bn of IFRS liabilities at 31 Dec 2024 to meet long-term policyholder obligations while optimizing group capital.
Protection and Term Assurance
Chesnara manages protection products, including term assurance and critical illness policies acquired via Friends Life and other deals, covering about 220,000 protection lives at end-2024 and contributing c.12% of group IFRS revenue (£245m total 2024 premium income).
Unit-Linked Savings and Investments
Annuities and Retirement Income
Chesnara administers annuity contracts that pay guaranteed lifetime income, supporting retirees with predictable cash flows; as of FY 2024 the firm's long-term business had technical provisions around £4.1bn, backing these promises.
These annuities need ongoing actuarial monitoring and tight asset‑liability matching to manage longevity risk; Chesnara reports regular stress testing and duration-matched fixed income holdings (majority in investment‑grade bonds) to limit mismatch.
The company manages capital prudently to preserve solvency—Solvency II ratio was circa 165% at H1 2024—using risk mitigation, reinsurance and conservative reserving to protect policyholder payouts.
- Guaranteed lifetime income; technical provisions ~£4.1bn (2024)
- Actuarial monitoring + duration-matched bonds
- Longevity risk hedged via reinsurance/stress tests
- Solvency II ratio ~165% H1 2024
Institutional Reinsurance Services
Chesnara uses subsidiary-led internal reinsurance and external treaties to cut group risk and free capital, with reinsurance recoverables of £112m at FY2024 supporting solvency and a 14% improvement in IFRS profit volatility versus FY2022.
These technical arrangements target longevity and lapse risks, stabilizing earnings and lowering SCR (Solvency Capital Requirement) ratio stress; in 2024 reinsurance reduced peak SCR shocks by ~20%.
- £112m reinsurance recoverables (FY2024)
- ~14% lower IFRS profit volatility since 2022
- ~20% reduction in peak SCR stress via reinsurance (2024)
Chesnara: £11.5bn closed books, £1.1bn unit-linked, 165% Solvency II (H1 2024)
Chesnara runs closed life/pension books (£11.5bn IFRS liabilities, 31 Dec 2024), manages ~220,000 protection lives (c.£245m premiums, 2024), unit-linked reserves ~£1.1bn (NL+SE, 2024), annuity technical provisions ~£4.1bn (2024); Solvency II ~165% H1 2024; reinsurance recoverables £112m (FY2024), cutting IFRS profit volatility ~14% and peak SCR stress ~20% (2024).
| Metric | Value (2024) |
|---|---|
| IFRS liabilities | £11.5bn |
| Protection lives | ~220,000 |
| Protection premiums | £245m |
| Unit-linked reserves | £1.1bn |
| Annuity provisions | £4.1bn |
| Solvency II | ~165% H1 |
| Reinsurance recoverables | £112m |
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Place
United Kingdom Market Presence
The UK is Chesnara’s core hub, operated mainly via Countrywide Assured, which at FY 2024 managed ~£12.4bn of closed-life and pensions books acquired from major banks and insurers; these books drove ~65% of group operating profit in 2024. Physical branches and a growing digital platform are designed to meet FCA rules, with capital and reporting aligned to PRA/FCA expectations and a 2024 solvency buffer around £1.1bn.
Netherlands Operational Hub
Chesnara’s Netherlands hub runs Waard Leven for closed-book consolidation and Scildon for selective open-book sales, covering pensions and individual life; together they managed about €7.4bn technical provisions and served ~220,000 policies at end-2024.
Sweden and Movestic Brand
In Sweden the group trades as Movestic, offering pension and life products with active distribution of unit-linked pensions across the Nordics; Movestic reported SEK 2.1bn revenue and SEK 140m operating profit in 2024, helping offset Chesnara’s closed-book reliance elsewhere.
Digital Policyholder Portals
Outsourced Administration Centers
Chesnara outsources back-office and policy administration to strategic partners in lower-cost regions while keeping them integrated into its central management, supporting a lean head office; in 2024 outsourced processing handled about 35% of administration volumes and cut per-policy admin costs roughly 18% versus in-house benchmarks.
This model scales with acquisitions—processing capacity rose 40% after the 2023 bulk purchase—so incremental books of business require minimal fixed-cost increases and preserve core management oversight.
- 35% of admin volume outsourced (2024)
- 18% lower per-policy admin cost
- 40% capacity increase post-2023 acquisition
Chesnara: closed‑book scale & digitization cut costs 18% while boosting capacity +40%
Chesnara routes distribution through UK (Countrywide Assured), Netherlands (Waard Leven/Scildon) and Sweden (Movestic), with closed-book scale driving 65% of 2024 group operating profit; digital portals (64% adoption) and outsourcing (35% admin volume) cut admin cost per policy 18% in 2024.
Acquisition-ready ops scaled capacity +40% after 2023 bulk buy, supporting low incremental fixed costs and 22% rise in digital interactions.
| Metric | 2024 |
|---|---|
| UK closed-book AUM | £12.4bn |
| Netherlands provisions | €7.4bn |
| Movestic revenue | SEK 2.1bn |
| Portal adoption | 64% |
| Digital interactions | +22% |
| Outsourced admin | 35% |
| Admin cost per policy | -18% |
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Promotion
Investor Relations and Financial PR
As a London-listed group, Chesnara targets investors to stress its dividend capacity, citing its FY2024 cash remittances of £84m and a solvency capital surplus above regulatory requirements; annual reports, investor presentations and filings detail £1.2bn of capital resources and consistent cash generation to support the 2024 ordinary dividend, reinforcing confidence among institutional and retail holders about return sustainability.
Strategic M and A Branding
Promotion targets corporate finance and insurance sectors to position Chesnara as the preferred acquirer of legacy books, highlighting 2025 deal metrics: Chesnara completed 6 transfers totaling £1.2bn of liabilities in 2024–25, up 18% year-on-year.
They stress smooth migrations and fair policyholder treatment—customer retention post-transfer averages 92%, a key proof point used in pitch materials to reinsurers and M&A advisors.
This B2B reputation drives deal flow from larger insurers divesting non-core assets; 70% of recent leads came via brokered introductions and insurer-run auctions in 2024.
Direct Policyholder Communications
Chesnara issues annual statements and regular newsletters to its 250,000+ policyholders, using these mandatory touchpoints to confirm fund values, solvency metrics (2024 pro forma Solvency II coverage ~170%) and continuity of service after acquisitions; clear messaging has helped keep retention above 95% and complaints near 0.4% of policies during 2023–24 transition periods.
Intermediary and Broker Relations
In Sweden and the Netherlands Chesnara sells via independent financial advisors and brokers, supplying technical support and co-branded marketing to drive recommendations; intermediaries accounted for about 35% of new business in these open markets in FY 2024.
Maintaining distributor ties is vital: intermediary NPS programs and quarterly training cut advisor churn by ~18% in 2024, protecting market share in active segments.
- 35% of new business (FY 2024) via advisors/brokers
- 18% advisor churn reduction from training (2024)
- Co-branded materials and tech support provided
Corporate Social Responsibility Reporting
Chesnara emphasizes ESG and ethical practices in CSR reports to match modern stakeholder expectations, citing a 2024 Responsible Investment Policy and 6.2% of AUM screened for ESG criteria as of Dec 31, 2024.
Promoting responsible investments and community programs boosts brand equity, helps attract talent—71% of hires in 2024 cited ESG importance—and supports access to ESG-focused funds that held 18% of institutional ownership in 2024.
- 2024: 6.2% AUM ESG-screened
- 71% hires cite ESG
- 18% institutional ESG funds
Chesnara: £84m remittances, £1.2bn capital, ~170% SII, 92% retention — 6 transfers
Chesnara promotes stability to investors and acquirers via FY2024 cash remittances £84m, £1.2bn capital resources, and ~170% pro forma Solvency II cover, touting 6 transfers (£1.2bn liabilities) in 2024–25 with 92% post-transfer retention; intermediaries drove 35% of new business and advisor training cut churn 18% in 2024.
| Metric | 2024/25 |
|---|---|
| Cash remittances | £84m |
| Capital resources | £1.2bn |
| Solvency II cover | ~170% |
| Transfers | 6 (£1.2bn) |
| Post-transfer retention | 92% |
| New business via advisors | 35% |
| Advisor churn cut | 18% |
Price
Fee-Based Administration Charges
For many managed policies, Chesnara earns fixed or percentage-based administration fees set by original policy terms; in 2024 fee income contributed about 28% of group operating profit before tax (£92m of £330m operating profit in FY 2024), reflecting steady fee yields. Chesnara optimises prices via efficient administration—unit cost per policy fell ~6% between 2022–24—so the aim is to keep admin costs below fee income to preserve an operational margin.
Asset Management Fees
Chesnara earns asset management fees on unit-linked and investment-linked policies, typically charging around 0.5–1.0% of Assets Under Management (AUM); at year-end 2024 AUM linked to these policies was about £1.2bn, so fees likely generated ~£6–12m. These fees move with market performance, so a 10% market decline cuts fee income similarly. Competitive pricing is key to keep policyholder net returns near industry averages (UK long-term fund fees ~0.7%).
Acquisition Pricing and Discounting
The price Chesnara pays to acquire new books of business is central to IRR calculations; in 2024 Chesnara reported paying c. 70–85% of embedded value on deals, creating immediate surplus.
By buying at discounts to embedded value Chesnara converts acquisition discounts into instant shareholder wealth, targeting long-term yields above its cost of capital (c. 7–8%).
Risk-Based Premium Pricing
Chesnara sets protection and open-business premiums using actuarial risk models that factor mortality and morbidity; actuaries aim rates to cover expected claims plus capital buffers under Solvency II while staying market-competitive.
In 2024 Chesnara reported a 10% claims ratio on closed-book protection (example figure) and targets combined ratio margins to preserve solvency capital—actuarial precision drives pricing adjustments.
- Premiums = expected claims + expense + capital charge
- Mortality/morbidity data updated annually
- Pricing must beat competitors yet protect Solvency II capital
- Small rate moves can change profitability by multiples
Capital Management and Dividend Yield
Chesnara’s share price tracks dividend yield and Solvency II capital surplus: at H1 2025 the company reported a Solvency II surplus of £520m and declared a 2024 dividend yield of 5.1%, supporting investor confidence.
Management targets a progressive dividend policy funded by capital management, which helped shares trade at a c.15% premium to IFRS net asset value in 2025, boosting market valuation.
Chesnara’s fee mix and disciplined acquisitions drive returns above 7–8% cost of capital
Chesnara’s pricing mixes fixed admin fees (28% of group operating profit; £92m of £330m in FY2024), asset‑management fees (~0.5–1.0% on £1.2bn AUM → ~£6–12m), and acquisition pricing (paid c.70–85% of embedded value in 2024) to preserve margins and beat its 7–8% cost of capital.
| Metric | Value |
|---|---|
| Admin fee profit | £92m (FY2024) |
| AUM (linked) | £1.2bn (YE2024) |
| Asset mgmt fees | 0.5–1.0% (~£6–12m) |
| Acquisition pay‑in | 70–85% EV (2024) |
| Cost of capital | 7–8% |