August 29, 2019 / 6:31 AM / 22 days ago

Chesnara profit rises; warns low interest rates to hit cash generation

Aug 29 (Reuters) - Pension and life insurance administrator Chesnara said on Thursday it posted higher first-half profit, as its Scildon business benefited from better conditions in the investment market, but it warned low interest rates will strain its cash generation.

The company said pretax profit more than doubled to 66.6 million pounds ($81.76 million) for the six months ended June 30, but divisional cash generation plummeted to 2.4 million pounds, a fraction of the 53.1 million pounds reported a year earlier.

$1 = 0.8145 pounds Reporting by Muvija M in Bengaluru; Editing by Bernard Orr

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