March 31, 2016 / 6:31 AM / 4 years ago

Chesnara's FY profit jumps on Dutch acquisition

March 31 (Reuters) - Chesnara Plc, an insurance-focused takeover specialist, reported a nearly 50 percent rise in full-year pretax profit, helped by its acquisition of Dutch company Waard Group last year.

Chesnara, which mainly buys life insurance funds closed to new customers, said IFRS pretax profit rose to 42.8 million pounds ($61.3 million) 2015, from 28.8 million pounds a year earlier.

On the new European capital rules for insurers that came into effect in January, Chesnara said its Solvency II ratio was 146 percent. A ratio of 100 percent means that an insurer has set aside enough capital to meet underwriting, investment and operational risks. ($1 = 0.6978 pounds) (Reporting by Noor Zainab Hussain in Bengaluru; Editing by Gopakumar Warrier)

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