Prospects remain strong for specialist long-term savings provider Hansard Global.
That’s the message from chief executive officer Gordon Marr, based at the company’s offices in Lord Street, Douglas.
He said: ‘The fundamentals in our core markets are encouraging and this has translated into an increase in demand for our products.
‘We have continued to grow regular premium new business and achieved a record level of £136.1m PVNBP (present value of new business premiums)
‘This is testament to the success of our strategy of focusing on regular premium business in growth markets.’
Hansard Global is a full member of the London Stock Exchange and employs around 170 people.
Mr Marr makes his comments in the group’s new business results for the year ended June 30, 2013.
He added: ‘We believe that Hansard’s prospects remain strong and that our continuing investment in distribution infrastructure and Hansard OnLine will position us for future growth.
‘We look forward to refreshing the Group’s new business strategies with our new chief distribution officer, Graham Morrall.’
In its summary, Hansard said the PVNBP of £136.1m was earned primarily from the growth markets of the Far East.
It says: ‘This is a record level for a financial year and 9.4 per cent above financial year 2012.’
Despite market falls in the fourth quarter the value of assets under administration as at June 30 has increased to £1.04bn (June 30, 2012: £1.03bn)
The summary notes that single premium flows of £32.5m for the year have reduced from £51.3m received in financial year 2012.
‘This reflects the Group’s strategy of focusing on more profitable regular premium new business and the reduced new business flows for Hansard Europe Limited following the announcement of its closure to new business.’
The report notes that Hansard had concluded it was in the long term interests of the Group to reduce its exposure to Europe and therefore Hansard Europe Limited was closed to new business from June 30.
‘The levels of new business in financial year 2013 from the countries serviced by Hansard Europe are less than 10 per cent of the Group’s total new business for the year, on all metrics reported by the Group.’
The report adds: ‘Plans to achieve an orderly run-off of the activities of Hansard Europe Limited have been developed with regulators and stakeholders and submitted to the Central Bank of Ireland for their consideration. We anticipate agreeing the plan shortly.’
Graham Morrall has been taken on to replace Joe Kanarek as chief distribution officer. Mr Morrall joined the Group recently from Zurich Insurance Group, where he held a number of roles culminating in chief executive officer of Zurich Global Life in Singapore, the report notes.
Joe Kanarak had been with the group since 2000 and retired on June 30, 2013. His contribution was recognised by the board.