Chesnara Plc · LSE:CSN
Chesnara — H1 2026 Earnings Presentation
37 slides from Chesnara's earnings presentation, Aug 25, 2026
Slide 1: Half Year Results 2026
CHESNARA HALF YEAR RESULTS 2026 Strong Performance. Disciplined Execution. Accelerating Growth. 25 August 2026
Slide 2: Agenda
AGENDA 01. Overview of strategic delivery Steve Murray Group Chief Executive Officer 02. Financial highlights Tom Howard 03. Outlook & summary Group Chief Financial Officer 1
Slide 3: Overview of Strategic Delivery
OVERVIEW OF STRATEGIC DELIVERY Steve Murray Group Chief Executive Officer
Slide 4: Another period of very strong financial performance
ANOTHER PERIOD OF VERY STRONG FINANCIAL PERFORMANCE Operating Adjusted Capital Solvency Operating New Business Generation Coverage Ratio Own Funds Profit Contribution £96m 185% £976m £31m £12m ↑ +79% ↓ -72ppts ↑ +14% ↑ +46% ↑ +152% 3
Slide 5: Continued strategic delivery
CONTINUED STRATEGIC DELIVERY 1 2 3 DELIVER GOOD ACQUIRE LIFE ENHANCE VALUE OUTCOMES FOR AND PENSION THROUGH CUSTOMERS AND BUSINESSES PROFITABLE MAXIMISE VALUE NEW BUSINESS FROM EXISTING BUSINESS BECOMING A SUSTAINABLE CHESNARA SWE acquisition Strong early UK integration Material step up progressing,
Slide 6: Delivering planned one-off uplift in interim 2026 dividend
DELIVERING PLANNED ONE-OFF UPLIFT IN INTERIM 2026 DIVIDEND Pence per share +6% Final dividend Announced 13.96 14.80 today: +6% Interim dividend Unrivalled 21-year 6% increase in the track record of interim 2026 dividend 7.48 7.70 8.16 dividend growth(1) in in line with previous UK & European guidanc
Slide 7: Financial Highlights
FINANCIAL HIGHLIGHTS Tom Howard Group Chief Financial Officer
Slide 8: Another period of very strong financial performance
ANOTHER PERIOD OF VERY STRONG FINANCIAL PERFORMANCE CASH CAPITAL VALUE Operating Capital Generation Solvency Coverage Ratio AUA(2) £96m 185% £21bn HY25: £54m FY25: 257% FY25: £15bn Cash Remittances Own Funds Adjusted Operating Profit £73m £976m £31m HY25: £56m FY25: £859m HY25: £21m Interim dividend
Slide 9: Operating capital generation: strong year-on-year growth
OPERATING CAPITAL GENERATION: STRONG YEAR-ON-YEAR GROWTH 51 96 ↑79% o Robust operating 54 performance across the 12 business units Management actions: o Capital management 33 22 actions o Acquisition impacts Surplus generated from emergence: 32 Chesnara Life UK Surplus Management Acquisition HY 2026
Slide 10: Solvency coverage ratio: exceeds proforma estimates
SOLVENCY COVERAGE RATIO: EXCEEDS PROFORMA ESTIMATES o Solvency Coverage 5% 73% Ratio above upper end of operating range & above proforma estimate of 180% 257% disclosed at FY25 o Expected to remain above the upper end of 185% 180% our range post (147%) (4%) completion of SWE(5) Operating solvency ra
Slide 11: Own funds: approaching £1bn post acquisition
OWN FUNDS: APPROACHING £1BN POST ACQUISITION 79 976 ↑14% 25 (19) 859 32 T2&T3: 212 T2&T3: 167 RTI: 148 o Robust operating RTI: 140 performance o Positive markets o Acquisition impacts UT1: o Offset by integration & UT1: 552 616 restructuring spend and shareholder dividends Own Funds Operating Non-op
Slide 12: Central liquidity: headroom to fund further M&A
CENTRAL LIQUIDITY: HEADROOM TO FUND FURTHER M&A 11 514 £271m RCF: 150 73 of available resources (34) 271 267 (11) o Cash remittances of (247) (24) £73m are 31% higher Cash(6): RCF: 364 150 than HY25 o Headroom to fund Cash(6): 121 further M&A activity Liquidity at Chesnara Life Liquidity at Cash Rem
Slide 13: IFRS: 22% growth in capital base and increase in store of future profits
IFRS: 22% GROWTH IN CAPITAL BASE AND A SIGNIFICANT INCREASE IN STORE OF FUTURE PROFITS 12 Capital o CSM growth of £196m, Profit Before Tax 196 Base: £850m with a higher than Capital (6) (34) expected contribution Base: £694m 31 29 from Chesnara Life (60) CSM: 327 CSM: 131 o 22% growth in IFRS Capita
Slide 14: Very strong financial performance & confident outlook
VERY STRONG FINANCIAL PERFORMANCE & CONFIDENT OUTLOOK CASH CAPITAL VALUE Operating Capital Generation Solvency Coverage Ratio AUA(2) £96m 185% £21bn HY25: £54m FY25: 257% FY25: £15bn Cash Remittances Own Funds Adjusted Operating Profit £73m £976m £31m HY25: £56m FY25: £859m HY25: £21m Interim divide
Slide 15: Outlook & Summary
OUTLOOK & SUMMARY Steve Murray Group Chief Executive Officer
Slide 16: Clear areas of focus
CLEAR AREAS OF FOCUS 1 Chesnara Life UK 2 Scottish Widows Europe SA Integration of Completion of the acquisition of 3 Further balance sheet optimisation 4 M&A opportunities Evaluation and potential execution of including management actions 5 Continue to grow profitable new business across the Group
Slide 17: Chesnara Life UK integration and SWE change in control progressing well
CHESNARA LIFE UK INTEGRATION AND SWE CHANGE IN CONTROL PROGRESSING WELL CHESNARA LIFE UK SCOTTISH WIDOWS EUROPE SA Formerly known as HSBC Life (UK) DEAL METRICS(7) ACTIONS COMPLETED DEAL METRICS(7) ACTIONS COMPLETED £5bn £51m of OCG generated so far, with a €1.7bn Submitted Change in Control AUA
Slide 18: We are well positioned for further M&A
WE ARE WELL POSITIONED FOR FURTHER M&A Our financial considerations for M&A remain consistent We continue to see a strong pipeline Solvency Operating range of 140% to 160% Management skills and capacity to enter new territories Leverage Maintain our investment grade rating Scalable platforms that ar
Slide 19: Strong performance. Disciplined execution. Accelerating growth.
STRONG PERFORMANCE. DISCIPLINED EXECUTION. ACCELERATING GROWTH. Very strong Chesnara Life UK Balance sheet Acquisition of financial results, integration on optimisation Scottish Widows growing dividend track continues Europe SA announced 18
Slide 20: Questions
QUESTIONS
Slide 21: Appendices
APPENDICES
Slide 22: Chesnara background
CHESNARA BACKGROUND WHO WE ARE KEY FINANCIAL METRICS OUR STRATEGIC PILLARS Chesnara plc is a FTSE 250 European life, pensions and investment company with specialist expertise in consolidation. 30 June 2026 Group Solvency II Ratio: 185% 1 DELIVER GOOD OUTCOMES FOR CUSTOMERS AND MAXIMISE VALUE FROM EX
Slide 23: Estimates: H1 performance ahead of FY 2025 estimates
ESTIMATES: H1 PERFORMANCE AHEAD OF FY 2025 ESTIMATES FY25 HY26 DELIVERED? PROFORMA Solvency Coverage Ratio c180% 185% Own Funds c£1bn £976m CSM c£200m £327m IFRS Capital Base c£800m £850m Leverage c20% 19% Assets under Administration >£20bn £21bn Dividend increase 6% increase 6% increase (2025 final
Slide 24: Macro environment
MACRO ENVIRONMENT EQUITY MARKETS 30 June 2026 FTSE all share Swedish OMX all share FTSE all world Netherlands AEX all share 5,635 5% 1,102 5% 737 10% 1,526 19% 31 Dec 2025 5,350 31 Dec 2025: 1,046 31 Dec 2025: 670 31 Dec 2025: 1,279 INTEREST RATES (10 YEARS) FX RATES CREDIT SPREADS € SEK 6.00% 1.19
Slide 25: Products
PRODUCTS We have an asset risk lite portfolio with limited guarantee exposure SII BEL(9) BY PRODUCT 3% 2% 4% UK SWEDEN NETHERLANDS 2% 2% 0% 6% 9% 4% 12% 54% 16% 92% 96% 100% Unit-linked Unit-linked Unit-linked Other Products with guarantees Products with guarantees Non-linked savings Other With prof
Slide 26: Assets under administration
ASSETS UNDER ADMINISTRATION Predominantly asset risk lite: 90% unit-linked investment business GROUP AUA BY PRODUCT TYPE UK SWEDEN NETHERLANDS £2bn AUA(8)(11): £11bn AUA: £7bn AUA: £3bn (10%) 8% 1% 41% 59% £19bn (90%) 92% 99% Unit-Linked Non-linked Unit-linked Non-linked Unit-linked Non-linked Unit-
Slide 27: Non-linked assets
NON-LINKED ASSETS High-quality shareholder asset portfolio; 99% bonds externally-rated at investment grade PORTFOLIO BOND PORTFOLIO CORPORATE BONDS SOVEREIGN DEBT BREAKDOWN BY RATING BY INDUSTRY BY LOCATION 1% 6% 0.3 14% 3% 24% 3% 0.5 26% 8% 30% 0.1 £2.1bn £1.1bn £0.6bn 46% £0.5bn Total non-linked T
Slide 28: Solvency II
SOLVENCY II 185% 257% T2 & T3: Solvency Coverage £212m T2 & T3: Surplus: Ratio down 72ppts 203% £167m RT1: £449m to 185% at the end RT1: £148m £140m Surplus: of June 2026 driven by T2 & T3: £158m £525m the acquisition of Surplus: £327m Chesnara Life UK, ahead UTI: UTI: of FY25 proforma and UT1: £552
Slide 29: No material change in the Group's sensitivities post Chesnara Life UK acquisition
THERE HAS BEEN NO MATERIAL CHANGE IN THE GROUP’S SENSITIVITIES POST CHESNARA LIFE UK ACQUISITION Market risks Demographic risks Expense risks 40 449 17 12 (18) (1) (19) (10) (14) (8) (20) (13) (25) (40) Impact on Solvency II surplus(13) (68) HY26 20% 20% 25% 25% 10% 10% 1% interest 1% interest 50bps
Slide 30: Operating capital generation by business unit
OPERATING CAPITAL GENERATION BY BUSINESS UNIT 22 96 ↑79% 64 3 7 o Incremental OCG from 54 Chesnara Life UK of £51m supported by capital optimisation Chesnara actions Life UK Recurring: 70 Recurring: o Robust operating 44 performance across the Group CA UK Sweden Netherlands Group Centre HY26 HY25 29
Slide 31: Adjusted operating profit by business unit
ADJUSTED OPERATING PROFIT BY BUSINESS UNIT 10 31 (1) ↑46% 20 3 21 o Incremental AOP from Chesnara Life UK of Chesnara £13m Life UK Recurring: 70 Recurring: o Robust operating 44 performance across the Group CA UK Sweden Netherlands Group Centre HY26 HY25 30
Slide 32: IFRS balance sheet - CSM
IFRS BALANCE SHEET - CSM 10 3 237 (1) (30) 327 ↑£196m (23) Pre-tax, CSM decreased by £6m Of CSM growth Significant increase in the 131 future Due store of profits to non- generated from the economic acquisition of Chesnara assumption Life UK changes CSM Acquisition New Business Interest Experience &
Slide 33: Chesnara Life provides material new business scale potential
CHESNARA LIFE PROVIDES MATERIAL NEW BUSINESS SCALE POTENTIAL UK MOVESTIC SCILDON Core focus Onshore investment bond Occupational pensions, Protection (term life), annuities wealth/custodian solutions and and investment-linked savings life & health insurance Actions taken Platform customer journey
Slide 34: Sustainability commitments and 2026 delivery
SUSTAINABILITY COMMITMENTS AND 2026 DELIVERY Our sustainability strategy underpins our three strategic objectives. We are actively prioritising the management of sustainability-related risks and opportunities 1 DELIVER GOOD OUTCOMES FOR 2 ACQUIRE LIFE AND PENSION 3 ENHANCE VALUE THROUGH CUSTOMERS AN
Slide 35: Dividend history
DIVIDEND HISTORY Final Interim 22.50 21.44 Pence per share 20.82 20.22 19.63 19.06 18.50 17.95 17.43 16.93 16.45 15.98 15.53 15.07 14.24 14.63 13.51 13.85 14.80 13.11 13.96 13.17 13.56 12.41 12.78 11.38 12.05 10.81 11.35 11.69 10.29 11.02 10.40 10.71 9.77 10.10 9.21 9.47 8.73 8.95 8.55 6.56 6.99 6.1
Slide 36: Footnotes
FOOTNOTES SUMMARY OF FOOTNOTES USED THROUGHOUT THE PRESENTATION (1) Verified by RBC research. (2) Assets under Administration (AUA) includes the pro forma impact of the second Canada Life portfolio acquisition following completion of the Part VII transfer and subsequent migration by early August 202
Slide 37: Cautionary Statement
Cautionary Statement This document and accompanying verbal presentation (together, the “Presentation”) have been prepared by, and are the sole responsibility of, Chesnara plc (the “Company”). The Presentation is confidential and provided solely for your information. You may not copy, distribute, pub