New business announcement for the six months ended 31 December 2011
31 January 2012
Hansard Global plc, the specialist long-term savings provider, issues its new business results for the six months ended 31 December 2011 (H1 2012), reflecting continuing success in the Group’s strategy to source regular premium new business from international growth markets leading to significantly higher new business margins.
Summary
- Overall new business margin of 10.4% (H1 2011: 7.4%) reflects the continued increase in volume and proportion of regular premium business, in line with the Group’s stated strategy. New business profits have increased by 9.4% over H1 2011;
- Regular premium new business in H1 2012 is £67.6m on the basis of Present Value of New Business Premiums (“PVNBP”) primarily from the growth markets of the Far East and Latin America, an increase of 41.1% over H1 2011 (£40.9m);
- As a result of the Group’s strategy of focussing on more profitable regular premium new business and uncertain economic conditions, single premium new business flows of £22.1m in the period have fallen by 66.8% from H1 2011;
- Q2 2012 sales of £45.2m are marginally ahead of Q1 2012 levels despite market volatility over the period;
- Assets under Administration of £1.1bn as at 31 December 2011 are broadly in line with the position at 30 September 2011, but have decreased by 14.6% since 30 June 2011 due to the declines in capital markets;
- Over 1,000 policies have been introduced electronically in H1 2012 using the online new business facility through Hansard OnLine;
Leonard Polonsky, Chairman of Hansard Global plc, commented:
“We have recorded a strong new business performance in the second quarter of this financial year in spite of unfavourable economic conditions. The distribution initiatives and investments undertaken in previous quarters, and the Group’s focus on growth markets, continue to bear fruit.
“We remain confident that the outlook for growth remains positive for the Group despite short-term impacts on IFRS profits."
For further information:
Hansard Global plc
Leonard Polonsky, Chairman
Gordon Marr, Managing Director
Vince Watkins, Chief Financial Officer |
+44 (0) 1624 688000 |
Pelham Bell Pottinger
Daniel de Belder |
+44 (0) 20 7861 3232 |
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