CLOSED LIFE COMPANY CHESNARA EYES FURTHER ACQUISITIONS

UK-based closed life consolidator Chesnara has said that it is looking at further acquisitions after posting a pre-tax gain of £22.4m ($35.6m) for 2011, up from an underlying £18.3m the previous year. The dividend was raised by 2.8% to 16.85p a share. CEO Graham Kettleborough said that "we will continue to be selective and only pursue opportunities that will deliver an acceptable value uplift". EEV fell to £294.5m from £354.6m, mainly due to "adverse economic experience" and assumption charges of £49.4m. Although Chesnara's main business is closed UK life operations, it also owns Movestic, a Swedish life assurer that is open to new business and which is seeking to strengthen its position in the Swedish unit-linked market.