Chesnara Plc · LSE:CSN
Chesnara — Merger or Acquisition (February 2026)
11 slides from Chesnara's merger presentation, Feb 17, 2026
Slide 1: Chesnara Acquires Scottish Widows Europe
CHESNARA ACQUIRES SCOTTISH WIDOWS EUROPE
Slide 2: Another Accretive Transaction with Future Consolidation Potential
ANOTHER ACCRETIVE TRANSACTION WITH FUTURE CONSOLIDATION POTENTIAL ➢ Expected incremental cash generation of ~€250m over the lifetime of the policies held in the Scottish Widows Increased cash Europe portfolio generation ➢ ~€100m occurring in first five years post-acquisition ➢ Acquired for €110m, at
Slide 3: Scottish Widows Europe Is a Closed Life and Pensions Business
SCOTTISH WIDOWS EUROPE IS A CLOSED LIFE AND PENSIONS BUSINESS OVERVIEW KEY METRICS ➢ Operations based in Luxembourg with an €173m €97m 38 Employees experienced management team Own Funds Regulatory SCR (All based in Luxembourg) ➢ Products Chesnara are familiar with and c.46,000 €1.7bn 179% Solvency I
Slide 4: Robust Balance Sheet Maintained Post Acquisition
ROBUST BALANCE SHEET MAINTAINED POST ACQUISITION SOLVENCY Our financial considerations Maintained through for M&A remain consistent Scottish Widows Europe transaction? Coverage 169% 173% ratio Solvency Operating range of 140% to 160% £1,078m £881 m T2 & T3 £246m Leverage T2 & T3 £244m RT1 £150m Main
Slide 5: Luxembourg – Additional Market with Multiple Future M&A Opportunities
LUXEMBOURG – ADDITIONAL MARKET WITH MULTIPLE FUTURE M&A OPPORTUNITIES Benefits of the Luxembourg Market Potential Consolidation Catalysts ➢ Dedicated insurance regulator with a strong supervisory framework, in line with European directives ~30 providers of life insurance ➢ EU passport allows insurer
Slide 6: An Attractive Transaction Broadening the M&A Opportunity for Chesnara
AN ATTRACTIVE TRANSACTION BROADENING THE M&A OPPORTUNITY FOR CHESNARA Second material Entry to attractive Modern, efficient acquisition in the additional market Strengthens our Enhancing group and scalable last 12 months providing access to position as a lifetime cash operating platform creating val
Slide 7: Questions
QUESTIONS
Slide 8: Appendix
APPENDIX
Slide 9: Track Record of Successfully Executing Transactions with Large Financial Institutions
TRACK RECORD OF SUCCESSFULLY EXECUTING TRANSACTIONS WITH LARGE FINANCIAL INSTITUTIONS City of Westminster Assurance Save & Prosper Funds Life assurance and pensions Direct Line Life Insurance, Pension and life assurance solutions provider from Irish focused on non-linked products, provider for £63.5
Slide 10: Strengthening Our Existing Business
STRENGTHENING OUR EXISTING BUSINESS Chesnara(1) Scottish Widows Europe Pro-Forma Chesnara Dec-24 Dec-24 Dec-24 AUA BY GEOGRAPHY 1% 16% 12% 7% UK 15% Sweden Increases scale in £18bn €1.7bn £19bn Netherlands £1.4bn Europe 55% Germany 29% 51% (2) 27% Other 88% AUA BY PRODUCTS 11% 16% 16% Maintains over
Slide 11: This Presentation Is Confidential and Not for Release
THIS PRESENTATION (AS DEFINED BELOW) IS CONFIDENTIAL AND IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR INTO OR FROM THE UNITED STATES, AUSTRALIA, CANADA, JAPAN AND THE REPUBLIC OF SOUTH AFRICA (EACH A "RESTRICTED JURISDICTION") OR ANY JURISDICTIO