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Guardian, a consolidator of closed life insurance books, was sold by Cinven in January 2016 generating proceeds for ICG Enterprise of £7.3 million.

A consolidator of closed life insurance books
Key stats
ICG Enterprise exit value £7.3m
Uplift to carrying value 20%
Underlying manager Cinven
Date realised January 2016
Portfolio High conviction

ICG Enterprise invested in Guardian Financial Services (“Guardian”) through its commitment to the Fourth Cinven Fund (“the Fund”) in 2006. In 2011 ICG Enterprise increased its exposure to Guardian through a secondary purchase of a further interest in the Fund.

Cinven’s specialist financial services sector team spent three years developing an investment strategy for the closed life assurance sector. Closed life books enjoy highly visible and stable long term cash flows with attractive returns on equity. Cinven’s investment strategy focused on acquiring a life insurance book with a solid administration platform and creating a long term, strategic consolidator in the fragmented UK market.

Cinven acquired Guardian in November 2011. The company had been closed to new business for some 10 years but still managed approximately 327,000 policies and employed 165 people.

The acquisition of Guardian was the starting point for a closed life consolidation strategy in the UK. Over the period of Cinven’s ownership Guardian made three substantial acquisitions growing the business to approximately £20 billion of assets and 900,000 policies. Cinven created an industry leading management team and significantly improved both operations and customer service all of which helped generate strong financial performance.

In January 2016 Cinven sold Guardian to Admin Re for total consideration of £1.6 billion. The sale generated cash proceeds equivalent to 4.2 times the original investment and proceeds for ICG Enterprise of £7.3 million at an uplift of approximately 20% to the previous valuation.

Cinven’s financial services team has applied the learnings from the successful UK closed life insurance consolidation with Guardian to pursue a similar strategy in Germany through the acquisition of Heidelberger Leben in March 2014. ICG Enterprise holds an investment in Heidelberger Leben through its investment in the Fifth Cinven Fund.

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Share price (ICGT)

11.00P (1.01%)
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NAV per share

As of 30 April 2022
Full year results for the twelve months ended 31 January 2022
Year Net assets NAV per share Share price Dividends per share
Jan 2022 £1,158m 1,690p 1,200p 27p
Jan 2021 £952m 1,384p 966p 24p
Jan 2020 £794m 1,152p 966p 23p
Jan 2019 £731m 1,057p 822p 22p
Jan 2018 £664m 959p 818p 21p
Jan 2017 £613m 871p 698p 20p
Jan 2016 £521m 731p 545p 11p
Jan 2015 £507m 695p 575p 15.5p
Jan 2014 £494m 677p 563p 15.5p
Jan 2013 £460m 631p 487p 5p
Jan 2012 £415m 569p 357p 5p
Jan 2011 £389m 534p 308p 2.25p
Dec 2009 £338m 464p 305p 2.25p
Dec 2008 £327m 449p 187p 4.5p