Chesnara PLC on Thursday said it swung to a profit in 2023 and lifted its dividend.

The Preston, England-based insurance company and pension consolidator said it swung to a pretax profit of £1.3 million in 2023 from a pretax loss of £62.1 million the year before.

This includes a net insurance service loss of £5.1 million and an investment result of £71.7 million, which compares to a £13.3 million profit and a loss of £39.0 million respectively a year ago, the company explained.

Chesnara also posted a 1.3% rise in insurance revenue to £228.0 million from £225.1 million a year prior.

The firm proposed a total dividend of 23.97 pence per share, up 3.0% from 23.28p in 2022.

Looking ahead, Chesnara affirmed that it sees more positive signs for a return to normality regarding macro-economic conditions.

Chief Executive Officer Steve Murray commented: ‘We have seen significant delivery across the group in the period including IFRS 17 and our new strategic partnership with SS&C for policy administration, which supports Chesnara’s future growth ambitions in the UK. The wider business has continued to deliver for our customers and has also performed robustly despite continuing market volatility delivering economic value growth.

‘We remain confident in our ability to finance and execute transactions on attractive terms for both vendors and our shareholders and deliver positive outcomes for customers.’

Shares in Chesnara were up 2.9% to 269.48 pence each in London on Thursday morning.

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