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Chesnara plc: Q&A with management ‘Acquisition synergies, M&A and capital generation’

29 Sep 2026 / News Video

By Dr Brian Moretta

Following Chesnara's half-year 2026 results presentation, Dr Brian Moretta, Financials analyst at Hardman & Co, holds a Q&A with CEO Steve Murray and CFO Tom Howard of Chesnara.

With the integration of Chesnara Life already generating structural day-one synergies of around £51m, we hear how Chesnara is continuing to realise benefits from its acquisition strategy. Steve and Tom chat with Brian about Chesnara’s M&A strategy, the outlook for Scottish Widows Europe, the operational performance in Sweden and the Netherlands and the potential for AI to make further efficiencies in future migrations. They also examine operating capital generation, reinsurance and foreign exchange hedging, balance-sheet opportunities and Chesnara’s longer-term capital management strategy, including why recurring management actions are expected to contribute around 30% of annual OCG.


Key moments

  • 01:41 – £51m of structural day-one synergies
  • 02:32 – Scottish Widows Europe and the M&A environment
  • 03:39 – Why deal flow remains buoyant
  • 05:57 – Sweden delivers £350m of positive net flows
  • 09:28 – How Chesnara is deploying AI
  • 12:43 – More opportunity on the asset side of the balance sheet
  • 14:11 – Around 30% of annual OCG expected from recurring management actions

Watch Chesnara’s half-year results 2026 presentation.

Read our latest report on Chesnara. 

Chesnara plc is a life and pensions consolidator that acquires and manages closed-life insurance books, while also writing selected new business in its core markets.