Recent Insider Transactions Derivative • May 20
Group CFO & Executive Director exercised options and sold UK£177k worth of stock On the 18th of May, Tom Howard exercised options to acquire 56k shares at no cost and sold these for an average price of UK£3.19 per share. This trade did not impact their existing holding. Since June 2025, Tom's direct individual holding has increased from 11.74k shares to 163.01k. Company insiders have collectively sold UK£505k more than they bought, via options and on-market transactions in the last 12 months. Announcement • May 13
Chesnara plc Approves Final Dividend for the Year Ended 31 December 2025 Chesnara plc at its Annual General Meeting held on May 12, 2026, approved to declare a final dividend of 14.80 pence per ordinary share for the year ended 31 December 2025. Announcement • Apr 09
Chesnara plc, Annual General Meeting, May 12, 2026 Chesnara plc, Annual General Meeting, May 12, 2026. Location: the offices of panmure liberum, 25 ropemaker street, london ec2y 9ly United Kingdom Declared Dividend • Mar 26
Final dividend reduced to UK£0.15 Dividend of UK£0.15 is 8.0% lower than last year. Ex-date: 2nd April 2026 Payment date: 20th May 2026 Dividend yield will be 7.8%, which is higher than the industry average of 5.0%. Sustainability & Growth Dividend is being paid despite the company being loss-making over the last 12 months and having no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 2.0% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. Reported Earnings • Mar 25
Full year 2025 earnings released: UK£0.051 loss per share (vs UK£0.026 profit in FY 2024) Full year 2025 results: UK£0.051 loss per share (down from UK£0.026 profit in FY 2024). Revenue: UK£391.4m (up 5.3% from FY 2024). Net loss: UK£10.4m (down 367% from profit in FY 2024). Over the last 3 years on average, earnings per share has increased by 1% per year and the company’s share price has also increased by 1% per year. Announcement • Mar 25
Chesnara plc Recommends Final Dividend, Payable on May 20, 2026 Chesnara plc recommended final dividend of 14.80 pence per share represents a 6% increase on the prior year and is expected to be paid on 20 May 2026. The ordinary shares will be quoted ex-dividend on the London Stock Exchange as of 2 April 2026. The record date for eligibility for payment will be 7 April 2026. Announcement • Feb 17
Chesnara plc (LSE:CSN) entered into a sale and purchase agreement to acquire Scottish Widows Europe S.A. from Scottish Widows Limited for approximately €110 million. Chesnara plc (LSE:CSN) entered into a sale and purchase agreement to acquire Scottish Widows Europe S.A. from Scottish Widows Limited for approximately €110 million on February 17, 2026. A cash consideration of €110 million will be paid by Chesnara plc. As part of consideration, €110 million is paid towards common equity of Scottish Widows Europe S.A.
The transaction is subject to approval by regulatory board / committee. The transaction will be funded by internal cash resources. The expected completion of transaction is end of 2026.
RBC Capital Markets, LLC led by James Agnew, Ezzedine Ben Frej and Jamil Miah acted as financial advisor for Chesnara plc. Linklaters LLP acted as legal advisor for Chesnara plc. Announcement • Feb 04
Chesnara plc (LSE:CSN) completed the acquisition of HSBC Life (UK) Limited from HSBC Bank plc. Chesnara plc (LSE:CSN) entered into an agreement to acquire HSBC Life (UK) Limited from HSBC Bank plc for £260 million on July 3, 2025. A cash consideration of £260 million will be paid by Chesnara plc. Cash consideration of £260 million funded through a combination of £55 million of existing internal cash resources, £65 million drawdown from the Group's increased £150m revolving credit facility and equity raised via a fully underwritten rights issue at 176p per share to raise gross proceeds of approximately £140 million on the basis of 10 New Ordinary Shares for every 19 Existing Ordinary Shares. In case of termination of transaction, Chesnara plc will pay a termination fee of £20 million.
The transaction is subject to approval by regulatory board / committee. The expected completion of the transaction is early 2026. As of December 12, 2025, the transaction received UK regulatory approval.
Paul Miller and Yiannis Kourris of Fenchurch Advisory Partners LLP acted as financial advisor for Chesnara plc. James Agnew, Ezzedine Ben Frej and Jamil Miah of RBC Capital Markets, London acted as financial advisor for Chesnara plc. Pinsent Masons acted as legal advisor for Chesnara plc. Travers Smith advised NatWest and ABN AMRO on a £260 million revolving credit facility for Chesnara's acquisition of HSBC Life. Deutsche Bank acted as financial advisor to HSBC Bank plc.
Chesnara plc (LSE:CSN) completed the acquisition of HSBC Life (UK) Limited from HSBC Bank plc on February 2, 2026. Announcement • Jan 22
Chesnara plc to Report Fiscal Year 2025 Results on Mar 24, 2026 Chesnara plc announced that they will report fiscal year 2025 results at 8:00 AM, GMT Standard Time on Mar 24, 2026 Announcement • Aug 28
Chesnara plc Declares Interim Dividend, Payable on 17 October 2025 Chesnara plc declared interim dividend of 7.70 pence per share, a 3% increase compared to 2024, extending the period of uninterrupted dividend growth to more than 20 years. The dividend is expected to be paid on 17 October 2025. The ordinary shares will be quoted ex-dividend on the London Stock Exchange as of 4 September 2025. The record date for eligibility for payment will be 5 September 2025. Recent Insider Transactions • Jul 30
Group CFO & Executive Director recently sold UK£232k worth of stock On the 24th of July, Tom Howard sold around 89k shares on-market at roughly UK£2.61 per share. This transaction amounted to 39% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. This was Tom's only on-market trade for the last 12 months. New Risk • Jul 24
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 53% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Dividend is not well covered by earnings and cash flows. Dividend per share is over 9x earnings per share. Cash payout ratio: 151% Shareholders have been substantially diluted in the past year (53% increase in shares outstanding). Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (1.0% net profit margin). New Risk • Jul 04
New major risk - Revenue and earnings growth Earnings have declined by 40% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Dividend is not well covered by earnings and cash flows. Dividend per share is over 9x earnings per share. Cash payout ratio: 99% Earnings have declined by 40% per year over the past 5 years. Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (1.0% net profit margin). Announcement • Jun 06
Chesnara plc Announces Executive and Committee Changes, Effective June 6, 2025 Chesnara Plc announced that Karin Bergstein has stepped down as an Independent Non-Executive Director of the Company effective June 6, 2026. Karin joined the Board in February 2022 and was a member of the Nomination & Governance Committee as well as the Audit & Risk Committee. The Company announced that Samantha "Sam" Tymms has been appointed effective June 6, 2025 as an Independent Non-Executive Director of Chesnara Plc. Sam has also been appointed as a member of the Nomination & Governance Committee and Audit & Risk Committee. An experienced NED and advisor to the boards and executives of global financial services businesses, Sam is also a former UK regulator with experience of international regulators, professional and industry bodies. She also brings commercial experience from roles with Promontory Financial Group (IBM). Sam is also a NED at Julius Baer International Ltd. where she chairs the Audit & Risk Committee and is a member of the Governance and Appointments Committee at the Institute of Chartered Accountants in England & Wales. She has previously been a NED at DWF plc and IG Group plc. Announcement • May 20
Chesnara Reportedly to Explore Deal for HSBC’s UK Life Insurance Unit Chesnara plc (LSE:CSN) is exploring a potential acquisition of HSBC Holdings plc (LSE:HSBA)’s life insurance business in the UK, according to people familiar with the matter. London-listed Chesnara is among potential suitors that have expressed interest in the HSBC UK life insurance operations, said the people, who asked not to be identified as the information is private. A deal could value the HSBC unit at several hundred million dollars, the people said. Announcement • Apr 10
Chesnara plc, Annual General Meeting, May 13, 2025 Chesnara plc, Annual General Meeting, May 13, 2025. Location: the offices of panmure liberum, 25 ropemaker street, ec2y 9ly, london United Kingdom Declared Dividend • Mar 30
Final dividend increased to UK£0.16 Dividend of UK£0.16 is 3.1% higher than last year. Ex-date: 3rd April 2025 Payment date: 20th May 2025 Dividend yield will be 9.1%, which is higher than the industry average of 5.0%. Sustainability & Growth Dividend is not covered by earnings (dividend approximately 9x earnings) nor is it adequately covered by cash flows (99% cash payout ratio). The dividend has increased by an average of 3.2% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. The company's earnings per share (EPS) would need to grow by 962% to bring the payout ratio under control. EPS is expected to grow by 233% over the next 3 years, which means the dividend may need to be reduced to reach a sustainable payout ratio. Reported Earnings • Mar 27
Full year 2024 earnings released: EPS: UK£0.026 (vs UK£0.12 in FY 2023) Full year 2024 results: EPS: UK£0.026 (down from UK£0.12 in FY 2023). Revenue: UK£418.8m (up 13% from FY 2023). Net income: UK£3.90m (down 79% from FY 2023). Profit margin: 0.9% (down from 5.1% in FY 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 33% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings. Announcement • Mar 27
Chesnara plc Proposes Final Dividend in Respect of the Year Ended 31 December 2024, Payable on 20 May 2025 The Board of Chesnara plc has proposed a 2024 final dividend of 16.1 pence per share in respect of the year ended 31 December 2024 (2024 total dividend of 24.7 pence), a 3% increase compared to 2023, extending the period of uninterrupted dividend growth to 20 years. The dividend is payable on 20 May 2025 to equity shareholders of the parent company registered at the close of business on 4 April 2025, the dividend record date, was approved by the directors after the balance sheet date. Ex date is 3 April, 2025. Announcement • Feb 07
Chesnara plc to Report Fiscal Year 2024 Results on Mar 27, 2025 Chesnara plc announced that they will report fiscal year 2024 results on Mar 27, 2025 Announcement • Jan 29
Jane Dale, Non-Executive Director to Stand Down from Chesnara plc Chesnara plc announced that appointment of Gail Tucker as Non-Executive Director with immediate effect. Gail also joins the Board of Chesnara's UK subsidiary, Countrywide Assured plc as a Non-Executive Director and it is intended will chair its Audit & Risk Committee subject to regulatory approval. Jane Dale, Non-Executive Director, will stand down at the AGM having completed her 9-year term. At the same time, Gail Tucker will be appointed chair of the Audit & Risk Committee. Gail is a recently retired 'Big Four' partner with over 30 years' experience in financial services audit, predominantly focused on the insurance sector. She has a high level of technical competence in international accounting and financial reporting, allied to which she brings a well-developed perspective on the UK life and pensions industry. A qualified accountant, Gail holds a BSc from the University of Warwick and a BA from The Open University. She sits on the boards of Breast Cancer Now and Institute of Chartered Accountants in England & Wales (ICAEW) Financial Services Board. New Risk • Sep 17
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 1.2% Last year net profit margin: 3.8% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Major Risk Dividend is not well covered by earnings and cash flows. Dividend per share is over 7x earnings per share. Cash payout ratio: 95% Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (1.2% net profit margin). Declared Dividend • Sep 12
First half dividend increased to UK£0.086 Dividend of UK£0.086 is 3.0% higher than last year. Ex-date: 19th September 2024 Payment date: 1st November 2024 Dividend yield will be 9.4%, which is higher than the industry average of 5.0%. Sustainability & Growth Dividend is not covered by earnings (dividend approximately 7x earnings) nor is it adequately covered by cash flows (95% cash payout ratio). The dividend has increased by an average of 3.0% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. The company's earnings per share (EPS) would need to grow by 705% to bring the payout ratio under control. EPS is expected to grow by 39% over the next 3 years, which means the dividend may need to be reduced to reach a sustainable payout ratio. Announcement • Sep 10
Chesnara plc Announces an Interim Dividend for the Fiscal Year Ending 31December 2024, Payable on 1 November 2024 Chesnara plc announced an increase in the interim dividend for the fiscal year ending 31December 2024 of 3% to 8.61 pence per share (2023: 8.36 pence interim), The interim dividend is expected to be paid on 1 November 2024. The ordinary shares will be quoted ex-dividend on the London Stock Exchange as of 19 September 2024. The record date for eligibility for payment will be 20 September 2024. New Risk • Sep 06
New major risk - Revenue and earnings growth Earnings have declined by 48% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Dividend is not well covered by earnings and cash flows. Payout ratio: 193% Paying a dividend despite having no free cash flows. Earnings have declined by 48% per year over the past 5 years. Minor Risk Large one-off items impacting financial results. Announcement • Aug 12
Chesnara plc to Report First Half, 2024 Results on Sep 10, 2024 Chesnara plc announced that they will report first half, 2024 results on Sep 10, 2024 Announcement • Apr 10
Chesnara plc Announces Step Down of Mark Hesketh from the Board Chesnara plc announced that Mark Hesketh, Independent Non-Executive Director of Chesnara plc, will be stepping down from the Board of Chesnara plc with immediate effect. Mark Hesketh will be appointed also with immediate effect, to the role of Chair of the Board of the Company's UK business Countrywide Assured plc. Announcement • Mar 29
Chesnara plc Recommends Final Dividend for the Year Ended 31 December 2023, Payable on 28 May 2024 Chesnara plc recommended final dividend of 15.61 pence per share for the year ended 31 December 2023 is expected to be paid on 28 May 2024. The ordinary shares will be quoted ex-dividend on the London Stock Exchange as of 11 April 2024. The record date for eligibility for payment will be 12 April 2024. Reported Earnings • Mar 28
Full year 2023 earnings released Full year 2023 results: Net income: UK£18.7m (up UK£117.0m from FY 2022). Announcement • Dec 08
Chesnara plc Announces CFO Changes Chesnara plc announced that David Rimmington has agreed with the Board of Chesnara that he will not seek re-election at the Company's Annual General Meeting in May 2024 and that he will step down as Group Finance Director and as a Director of Chesnara at the conclusion of that meeting. Furthermore, Chesnara announced the appointment of Tom Howard as Chief Financial Officer and Executive Director of the Company, subject to regulatory approval. Tom's formal starting date is expected to be no later than the beginning of May 2024. David Rimmington will remain with the Group throughout the year end 2023 reporting process and to support an orderly transition. Tom is a highly experienced CFO with over 25 years of industry experience, most recently as CFO of Aviva Investors, the asset management division of Aviva plc. He has held a variety of senior roles within Aviva plc, including Director of Mergers & Acquisitions for Aviva Group and CFO for Aviva's Life and General Insurance business in Ireland. Tom brings with him European actuarial and financial reporting capabilities and a strong track record of leadership in finance, M&A, capital management and business transformation. Announcement • Dec 07
Chesnara plc Announces Board Changes Chesnara plc announced that David Rimmington has agreed with the Board of Chesnara that he will not seek re-election at the Company's Annual General Meeting in May 2024 and that he will step down as Group Finance Director and as a Director of Chesnara at the conclusion of that meeting. Furthermore, Chesnara announced the appointment of Tom Howard as Executive Director of the Company, subject to regulatory approval. Tom's formal starting date is expected to be no later than the beginning of May 2024. David Rimmington will remain with the Group throughout the year end 2023 reporting process and to support an orderly transition. Tom is a highly experienced CFO with over 25 years of industry experience, most recently as CFO of Aviva Investors, the asset management division of Aviva plc. He has held a variety of senior roles within Aviva plc, including Director of Mergers & Acquisitions for Aviva Group and CFO for Aviva's Life and General Insurance business in Ireland. Tom brings with him European actuarial and financial reporting capabilities and a strong track record of leadership in finance, M&A, capital management and business transformation. Reported Earnings • Sep 24
First half 2023 earnings released: EPS: UK£0.10 (vs UK£0.21 loss in 1H 2022) First half 2023 results: EPS: UK£0.10 (up from UK£0.21 loss in 1H 2022). Net income: UK£15.5m (up UK£47.2m from 1H 2022). Profit margin: 8.1% (up from net loss in 1H 2022). The move to profitability was driven by higher revenue. Revenue is forecast to grow 49% p.a. on average during the next 3 years, compared to a 35% growth forecast for the Insurance industry in the United Kingdom. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 103 percentage points per year, which is a significant difference in performance. Announcement • Sep 21
Chesnara plc Declares Interim Dividend for the Six Months Ended June 30, 2023, Payable on 10 November 2023 The Board of Chesnara plc declared a 2023 interim dividend of 8.36 pence per share for the six months ended June 30, 2023 (half year 2022 interim dividend of 8.12 pence), which is a 3% increase compared to half year 2022 and extends the period of uninterrupted interim dividend growth to 19 years. The interim dividend is expected to be paid on 10 November 2023. The ordinary shares will be quoted ex-dividend on the London Stock Exchange as of 28 September 2023. The record date for eligibility for payment will be 29 September 2023. Recent Insider Transactions Derivative • May 22
Executive Director & Group CEO exercised options and sold UK£141k worth of stock On the 18th of May, Steven Murray exercised options to acquire 51k shares at no cost and sold these for an average price of UK£2.76 per share. This trade did not impact their existing holding. For the year to December 2021, Steven's total compensation was 38% salary and 62% other compensation. This indicates that these sales could comprise a meaningful part of their income for the year. Since December 2022, Steven's direct individual holding has increased from 51.08k shares to 69.67k. Company insiders have collectively sold UK£167k more than they bought, via options and on-market transactions in the last 12 months. Announcement • May 17
Chesnara plc Approves to Declare A Final Dividend Chesnara plc at Annual General Meeting held on 16th May 2023 approved to declare a final dividend of 15.16 pence per ordinary share. Announcement • Nov 30
Chesnara plc to Report First Half, 2023 Results on Sep 21, 2023 Chesnara plc announced that they will report first half, 2023 results on Sep 21, 2023 Board Change • Nov 16
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Independent Non-Executive Director Karin T. Bergstein was the last director to join the board, commencing their role in 2022. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Buying Opportunity • Sep 08
Now 22% undervalued Over the last 90 days, the stock is up 9.0%. The fair value is estimated to be UK£3.94, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 11% over the last 3 years. Meanwhile, the company became loss making. Board Change • Apr 27
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Independent Non-Executive Director Karin T. Bergstein was the last director to join the board, commencing their role in 2022. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Board Change • Apr 01
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Independent Non-Executive Director Karin T. Bergstein was the last director to join the board, commencing their role in 2022. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Board Change • Mar 02
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Independent Non-Executive Director Karin T. Bergstein was the last director to join the board, commencing their role in 2022. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Board Change • Sep 02
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Executive Director Steve Murray was the last director to join the board, commencing their role in 2021. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Upcoming Dividend • Sep 02
Upcoming dividend of UK£0.079 per share Eligible shareholders must have bought the stock before 09 September 2021. Payment date: 22 October 2021. Trailing yield: 7.2%. Within top quartile of British dividend payers (3.8%). Higher than average of industry peers (3.8%). Reported Earnings • Aug 28
First half 2021 earnings released: EPS UK£0.12 (vs UK£0.045 loss in 1H 2020) The company reported a soft first half result with weaker revenues and profit margins, although earnings were improved. First half 2021 results: Revenue: UK£822.2m (down 543% from 1H 2020). Net income: UK£17.9m (up UK£24.6m from 1H 2020). Profit margin: 2.2% (down from 3.6% in 1H 2020). Over the last 3 years on average, earnings per share has fallen by 13% per year but the company’s share price has only fallen by 7% per year, which means it has not declined as severely as earnings. Recent Insider Transactions Derivative • May 23
Key Executive exercised options and sold UK£87k worth of stock On the 20th of May, David Anthony Rimmington exercised options to acquire 32k shares at no cost and sold these for an average price of UK£2.73 per share. This trade did not impact their existing holding. Since September 2020, David has owned 72.28k shares directly. This was the only transaction from an insider over the last 12 months. Reported Earnings • Apr 16
Full year 2020 earnings released: EPS UK£0.14 (vs UK£0.53 in FY 2019) The company reported a poor full year result with weaker earnings, revenues and profit margins. Full year 2020 results: Revenue: UK£633.2m (down 56% from FY 2019). Net income: UK£21.2m (down 73% from FY 2019). Profit margin: 3.3% (down from 5.5% in FY 2019). Over the last 3 years on average, earnings per share has fallen by 26% per year but the company’s share price has only fallen by 11% per year, which means it has not declined as severely as earnings. Reported Earnings • Mar 31
Full year 2020 earnings released: EPS UK£0.14 (vs UK£0.53 in FY 2019) The company reported a poor full year result with weaker earnings, revenues and profit margins. Full year 2020 results: Revenue: UK£637.9m (down 56% from FY 2019). Net income: UK£21.2m (down 73% from FY 2019). Profit margin: 3.3% (down from 5.5% in FY 2019). Over the last 3 years on average, earnings per share has fallen by 26% per year but the company’s share price has only fallen by 10% per year, which means it has not declined as severely as earnings. Is New 90 Day High Low • Oct 24
New 90-day low: UK£2.65 The company is down 6.0% from its price of UK£2.80 on 24 July 2020. The British market is down 2.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Insurance industry, which is down 2.0% over the same period. Is New 90 Day High Low • Sep 25
New 90-day low: UK£2.66 The company is down 5.0% from its price of UK£2.80 on 26 June 2020. The British market is down 3.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Insurance industry, which is down 2.0% over the same period.