Announcement of 4th quarter new business results
Hansard Global plc (“Hansard” or “the Group”), the specialist long-term savings provider, issues its trading update for the quarter ended 30 June 2022 (“Q4 2022”). All figures refer to this period, except where indicated. Financial year (“FY 2022”) figures refer to 1 July 2021 to 30 June 2022.
- New business for the financial year ended 30 June 2022 was £120.5m in PVNBP (“Present Value of New Business Premiums”) terms, down 30.3% from £173.0m in FY 2021;
- New business for Q4 2022 was £24.8m, 49.8% lower than £49.4m in Q4 2021 (incorporating the impact of annual changes in actuarial assumptions to the calculation of PVNBP in Q4);
- New business for the quarter and financial year was impacted by economic uncertainty, geopolitical developments, the aftermath of Covid-19 restrictions around the world, and a general hesitancy by clients to commit to long-term savings products;
- Assets under administration were £1.1bn as at 30 June 2022, down from £1.2bn at 30 June 2021, primarily reflecting declines in global stock markets over the year;
- The Group remains on track for replacing its policy administration systems to support its next generation of products whilst realising associated cost and efficiency gains;
- While the Group continues to work with its prospective Japanese distribution partner towards a suitable launch date, we now anticipate further obstacles to the Group’s envisaged timeframe for the product launch, due principally to Covid-related operational challenges facing our partner and changes in its senior personnel. While continuing this engagement we are accelerating action to access alternative distributors and distribution channels via initiatives already commenced as part of our existing plans for Japan.
GRAHAM SHEWARD, GROUP CHIEF EXECUTIVE OFFICER, COMMENTED:
“Given the timeline challenges being experienced with our chosen initial distributor in Japan, we are proactively focussing more of our efforts on alternative distributors and distribution channels. A targeted expansion to additional distributors has always formed part of our longer-term plans and this is now being prioritised at greater pace.
We are also working hard to improve new business levels through a combination of new product development, new broker relationships and the deployment of additional experienced sales management executives into the business.”
FOR FURTHER INFORMATION:
|Hansard Global plc||+44 (0) 1624 688 000|
|Graham Sheward, Group Chief Executive Officer
Tim Davies, Chief Financial Officer
|Camarco||+44 (0) 7990 653 341|
|Ben Woodford, Hugo Liddy|