Chesnara’s cash generation saw a 34 per cent year on year growth in the first half of the year, the interim results for the consolidator have revealed.
The pension consolidator's interim results, published today (September 10), detailed commercial cash growth grew to £29.2mn in the first half of 2024, an increase on the £21.8mn recorded for the first half of 2023.
This rise was attributed to positive contributions in “all three regions”.
Chesnara said cash generation provides a measure of underlying performance by removing the effect of the symmetric adjustment.
Group cash generation also experienced a rise, climbing from £11.1mn in H1 2023 to £19.6mn in the first half of 2024.
These results were driven by positive equity market growth, net of the temporary impact of the symmetric adjustment.
Chesnara added its balance sheet remained “robust”, boasting a solvency ratio of 201 per cent in the first half of the year.
This represented just a small dip when compared to the ratio of 206 per cent that was recorded for its full year results in 2023.
The ratio was also ahead of Chesnara’s target range which was between 140 and 160 per cent.
Solvency leverage was also broadly flat over the first half of the year, and was in line with the peer group average at 30 per cent.
However, the results also detailed some negative results with the business’s pre-tax profit falling by £2mn from £15mn in the first half of 2023 to £13mn.
This was attributed to two factors, foreign exchange, and a lack of acquisitions to boost these acquisitions.
However, Chesnara CEO Steve Murray pointed out this represented a “small difference”.
tom.dunstan@ft.com
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