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Hardman & Co

Research from Hardman & Co

Investment research on quoted companies and funds

Hardman & Co is a multi-disciplinary financial consultancy and investment research firm, employing highly experienced analysts and professionals with a broad range of capital markets expertise. Our clients are public and private businesses as well as fund managers, ranging from start-ups to £1 billion+ market capitalisations. Hardman & Co offers corporate research & consultancy, serving the needs of both public and private companies. We produce gold-standard research with a global reach for trading and investment companies, as well as providing market commentary and analysis. In addition, we carry out a number of bespoke investment-related assignments, including due diligence on bond listings, assessments of private company valuations and other corporate advisory services. We engage with the market through traditional and digital media, offering illuminating video content on corporate management strategy, results communication, interviews and in-house sector discussion.

Equity Bottom-Up

<ul><li>Feature article: Building tomorrow’s AI: How the UK will become the global architect of Trustworthy Intelligence In this month’s feature article, Professor Andy Pardoe, Professor of AI and Chair of the Deep Tech Innovation Centre at the University of Warwick, gives his perspective on the artificial intelligence (AI) industry and how it is advancing at an unprecedented pace, outstripping anything witnessed in previous decades.</li><li>For researchers, industry leaders and investors, understanding the landscape of AI and how it will evolve over the coming years is becoming increasingly important as AI plays a bigger role in every aspect of our professional and personal lives.</li><li> AI is no longer “just another tech wave or bubble.” Unlike previous AI winters, AI technologies are working at scale across many different applications and use-cases, delivering valuable insights and productivity gains.</li></ul>

Feature article: Building tomorrow’s AI: How the UK will become the global architect of Trustworthy Intelligence In this month’s feature article, Professor Andy Pardoe, Professor of AI and Chair of the Deep Tech Innovation Centre at the University of Warwick, gives his perspective on the artificial intelligence (AI) industry and how it is advancing at an unprecedented pace, outstripping anything witnessed in previous decades.For researchers, industry leaders and investors, understanding the landscape of AI and how it will evolve over the coming years is becoming increasingly important as AI plays a bigger role in every aspect of our professional and personal lives. AI is no longer “just another tech wave or bubble.” Unlike previous AI winters, AI technologies are working at scale across many different applications and use-cases, delivering valuable insights and productivity gains.

Chesnara PLC - Hardman & Co Monthly: October 2025

<ul><li>Chesnara announced its 1H’25 results.</li><li>The main features were a better-than-expected operational performance, weaker economic returns and increased central costs but improved cash generation.</li><li>An Economic Value loss of £11m was behind recent figures (1H’24: profit of £20m).</li></ul>

Chesnara announced its 1H’25 results.The main features were a better-than-expected operational performance, weaker economic returns and increased central costs but improved cash generation.An Economic Value loss of £11m was behind recent figures (1H’24: profit of £20m).

Chesnara plc: Showing good operational progress

<ul><li>After a longer wait than planned, Chesnara has announced a large acquisition, HSBC Life (UK).</li><li>At a cost of £260m, it is over 70% of Chesnara’s pre-announcement market capitalisation and will be funded by a mixture of equity, existing cash resources (primarily from the earlier Tier 2 bond issue) and drawing down from a newly increased revolving credit facility.</li><li>The rights issue should complete by 23 July 2025, with deal completion in early 2026.</li></ul>

After a longer wait than planned, Chesnara has announced a large acquisition, HSBC Life (UK).At a cost of £260m, it is over 70% of Chesnara’s pre-announcement market capitalisation and will be funded by a mixture of equity, existing cash resources (primarily from the earlier Tier 2 bond issue) and drawing down from a newly increased revolving credit facility.The rights issue should complete by 23 July 2025, with deal completion in early 2026.

<ul><li>Chesnara announced its 2024 results, which showed positive progress compared with 2023.</li><li>The main features were positive market returns, offset by some mixed operational experience.</li><li>Economic Value profit of £69.1m represented a 17% increase on the £59.1m in 2023.</li></ul>

Chesnara announced its 2024 results, which showed positive progress compared with 2023.The main features were positive market returns, offset by some mixed operational experience.Economic Value profit of £69.1m represented a 17% increase on the £59.1m in 2023.

Chesnara plc (CSN): Showing good operational progress

<ul><li>After an interval of 18 months, Chesnara announced a new acquisition just before Christmas.</li><li>Although relatively small, it is another positive step for the company.</li><li>The deal is a further acquisition from Canada Life UK, this time a portfolio of unit-linked bonds and legacy pension business, consisting of ca.17,000 policies and £1.5bn of AUM.</li></ul>

After an interval of 18 months, Chesnara announced a new acquisition just before Christmas.Although relatively small, it is another positive step for the company.The deal is a further acquisition from Canada Life UK, this time a portfolio of unit-linked bonds and legacy pension business, consisting of ca.17,000 policies and £1.5bn of AUM.

United Kingdom

Chesnara PLC services its life insurance business.  The Company services a book of primarily non-linked term insurance or unit-linked endowment policies and does not issue new policies.  One or more of Chesnara's subsidiaries issues new insurance policies.

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Chesnara PLC (CSN LN)

Chesnara PLC - Hardman & Co Monthly: October 2025

Feature article: Building tomorrow’s AI: How the UK will become the global architect of Trustworthy Intelligence In this month’s feature article,...

Hardman & Co

Chesnara plc: Showing good operational progress

Chesnara announced its 1H’25 results. The main features were a better-than-expected operational performance, weaker economic returns and increased...

Hardman & Co

Chesnara plc (CSN): Landing the big one

After a longer wait than planned, Chesnara has announced a large acquisition, HSBC Life (UK). At a cost of £260m, it is over 70% of Chesnara’s...

Hardman & Co

Chesnara plc (CSN): Showing good operational progress

Chesnara announced its 2024 results, which showed positive progress compared with 2023. The main features were positive market returns, offset by...

Hardman & Co

Chesnara plc: Happy new acquisition

After an interval of 18 months, Chesnara announced a new acquisition just before Christmas. Although relatively small, it is another positive step...

Hardman & Co

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