Loading…
UK life insurance consolidator that acquires and manages closed life insurance and pension policy books.
UK life insurance consolidator that acquires and manages closed life insurance and pension policy books.
Buys closed books of life and pension policies from other insurers, then runs them for years more cheaply than the sellers could, releasing surplus capital as the policies mature and paying much of it out as dividends. Its Swedish unit sells new policies, so part of it still grows.
In one line: A UK closed-book life insurance consolidator.
Moat: narrow (scale, process know-how). Specialized expertise in efficiently administering acquired closed insurance books.
Headquarters: Preston, UK · Founded: 2004 · Employees: 377
Size Chesnara (CSN.L) is a United Kingdom Financials company (Multi-Line Insurance) with a market value of $1.08B, the 212th largest of 363 United Kingdom companies the cockpit tracks. Shares closed at £348.50 on 6 Nov 2026.
Performance Over six months the shares gained 10.6%, against +3.0% for the median peer and +3.6% for the United Kingdom market (cap-weighted) — 6th highest of 21 in its peer set.
Growth Revenue grew 192.5% over the last twelve months (peer median +8.8%); the operating margin is 3.8% (peer median 10.1%).
Valuation It trades at 2.14× book value against a peer median of 1.00× (7th most expensive of 21).
Price implies The share price implies a return on equity of about 15.7%; Chesnara delivers 0.3%, so the price asks more than the business earns today.
Credit Chesnara has 2 bonds outstanding ($467M), rated BBB- by the agencies and trading like BBB- at a weighted spread of 152 bp.
Next results Next results expected around 1 Apr 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | £2.38B | £981M | £1.64B | £1.34B | -£720M |
| Revenue growth | — | -40% | +22% | — | — |
| Net income | £1.00M | -£10.4M | £3.90M | £18.7M | -£33.7M |
| Free cash flow | n/a | £163M | -£124M | -£373M | £89.8M |
| Capital expenditure | £0 | £900,000 | £800,000 | £800,000 | £3.50M |
| Total debt | n/a | £354M | £206M | £209M | £213M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | CSN.L | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +6.9% | +1.2% | 3rd highest of 21 |
| 6-month return | +10.6% | +3.0% | 6th highest of 21 |
| Return on equity | 0.3% | 10.4% | 3rd lowest of 21 |
| Price / book | 2.14× | 1.00× | 7th most expensive of 21 |
| Trailing P/E | 810.5× | 12.0× | most expensive of 19 |
| ROE the price implies | 15.7% | 6.6% | 4th most demanding of 20 |
| ROE delivered | 0.3% | 10.4% | 3rd lowest of 19 |
| Bond spread | 152 bp | n/a | — |
| Company | Market | Market cap | 6M return | Revenue growth | ROE | Price / book | Implied ROE | Delivered ROE |
|---|---|---|---|---|---|---|---|---|
| Chesnara CSN.L | United Kingdom | $1.08B | +11% | +192% | 0% | 2.14× | 15.7% | 0.3% |
| Bowhead Specialty BOW | United States | $1.12B | +26% | +24% | 14% | 2.48× | 11.3% | 13.6% |
| Central Reinsurance 2851.TW | Taiwan | $1.12B | +52% | +21% | 37% | 1.41× | 5.1% | 37.4% |
| Wuestenrot & Wuerttembergische WUW.DE | Germany | $1.39B | -6% | +4% | 3% | 0.25× | 3.6% | 2.7% |
| Religare Enterprises RELIGARE.NS | India | $845M | +4% | +18% | 3% | 2.67× | 23.7% | n/a |
| Linea Directa Aseguradora LDA.MC | Spain | $1.48B | +3% | +10% | 23% | 3.07× | 11.7% | 23.3% |
| Sagicor Financial SFC.TO | Canada | $792M | -14% | -4% | 12% | 0.75× | 4.6% | 11.6% |
| Trupanion TRUP | United States | $1.61B | +49% | +12% | 6% | 3.94× | 35.3% | 6.1% |
| Donegal DGICA | United States | $723M | +9% | -3% | 11% | 1.07× | 6.6% | 10.7% |
| Korean Reinsurance 003690.KS | South Korea | $1.74B | +8% | -2% | 14% | 0.73× | 4.8% | 14.4% |
| Zhongan Online P&C Insurance 6060.HK | Hong Kong | $2.06B | -19% | +16% | 8% | 0.54× | 8.0% | 8.2% |
| Asia Financial 0662.HK | Hong Kong | $521M | -6% | +6% | 10% | 0.30× | 3.7% | 10.2% |
| Seoul Guarantee Insurance 031210.KS | South Korea | $2.26B | -8% | +14% | 6% | 0.61× | 4.5% | 6.0% |
| NIB NHF.AX | Australia | $2.29B | +4% | +5% | 17% | 2.90× | 13.2% | 16.6% |
| Pelagos Insurance Capital PLGO | United States | $2.29B | +33% | -4% | 18% | 1.03× | 6.5% | 17.6% |
| Go Digit General Insurance GODIGIT.NS | India | $2.44B | -21% | +9% | 12% | 4.91× | 37.4% | n/a |
| Vaudoise Assurances VAHN.SW | Switzerland | $2.66B | -8% | +14% | 6% | 0.78× | n/a | 5.9% |
| Skyward Specialty Insurance SKWD | United States | $2.68B | +29% | +38% | 17% | 2.11× | 10.2% | 17.3% |
| New India Assurance NIACL.NS | India | $2.74B | -5% | +9% | -1% | 0.62× | 14.0% | -1.3% |
| United Overseas Insurance U13.SI | Singapore | $403M | +8% | -8% | 7% | 0.98× | 3.6% | 7.0% |
| AIFU AIFU | United States | $390M | -76% | -47% | -113% | 0.30× | 4.9% | -113.4% |
Chesnara has 2 bonds outstanding with $467M face value. The agencies rate it BBB-; its bonds trade like BBB-. Weighted yield 6.38%, a spread of 152 bp over government bonds.