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(Alliance News) - Hansard Global PLC said Friday it saw a rise in new business in the first half, with strong growth in the Middle East and Latin America.
The Isle of Man-based financial services provider ended December 31 with GBP1.09 billion in assets under administration, compared with GBP975.5 million at the same point a year earlier, which represents a 12% rise.
In the first half, Hansard reported GBP42.0 million in deposits to investment contracts from regular premiums and GBP29.6 million from single premium investment contracts.
Market and currency movements added GBP12.0 million to assets under administration.
Dragging assets, Hansard recorded GBP77.9 million in withdrawals from investment contracts.
"We expect to see current regional sales trends continue throughout the course of our financial year. We continue to work hard at progressing our new Japanese proposition and will update the market when we achieve our next key milestone, the signing of formal distribution agreements," the savings provider said.
In present value of new business premiums, a key metric for the firm, levels of new business in the first half were 8.1% higher compared to the previous year at GBP80.1 million. The primary area of growth continues to come from regular premium savings in the Middle East & Africa and Latin America, where Hansard recorded growth of 25% and 50%, respectively.
Hansard's Far East operations saw business premiums slip 46% year on year and in the Rest of World, business premiums were down 7.7%.
Regular premiums rose 38% year on year to GBP51.6 million while single premiums decreased 22% to GBP28.5 million.
Chief Executive Gordon Marr said: "There is a growing momentum in the business with particularly good performances in Latin America and the Middle East. Our focus on key distribution relationships, technology and customer service has assisted our growth in sales and we are pleased to have built further upon our strong start to the financial year."
Shares in Hansard Global was 4.8% higher in London on Friday mid-morning at 44.00 pence each.
By Paul McGowan; paulmcgowan@alliancenews.com
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