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Insurer Chesnara reports lower first-quarter profit

Reuters - UK Focus

May 19 (Reuters) - London-listed insurer Chesnara Plc (LSE: CSN.L - news) reported a 16 percent fall in first-quarter pretax profit, citing "fairly flat" economic conditions compared with more favourable conditions a year earlier.

Chesnara, which mainly buys life insurance funds closed to new customers, said pretax profit on an IFRS basis decreased to 7.3 million pounds ($12.29 million) for the quarter ended March 31 from 8.7 million pounds a year earlier. ($1 = 0.5942 British Pounds) (Reporting by Karen Rebelo; Editing by Robin Paxton)