March 29, 2018 / 6:36 AM / 9 months ago

Chesnara FY profit jumps on Dutch insurance deal

March 29 (Reuters) - Chesnara Plc, an insurance-focused takeover specialist, reported on Thursday a surge in full-year pretax profit, driven by strength in its domestic business and gains from its acquisition of Legal & General’s Dutch insurance business.

Chesnara, which mainly buys life insurance funds closed to new customers, said IFRS pretax profit rose to 89.6 million pounds ($126.2 million) in 2017, from 40.7 million pounds a year earlier.

“We now have sufficient scale and presence in both the UK and the Netherlands to continue our focus on acquisition activity in those territories. We also remain open minded about new territories,” Chesnara said in a statement.

$1 = 0.7101 pounds $1 = 0.7101 pounds Reporting by Noor Zainab Hussain in Bengaluru; Editing by Amrutha Gayathri

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