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(Alliance News) - Hansard Global PLC said Thursday it was "pleased" with its first quarter, during which assets under administration rose.
The Isle of Man-based financial services provider ended September 30 with GBP1.09 billion in assets under administration, slightly higher than the GBP1.08 billion with which it opened the quarter and 4.8% higher compared to the same point a year before, when it reported GBP1.04 billion in assets.
In the first quarter, Hansard reported GBP21.3 million in deposits to investment contracts from regular premiums and GBP13.1 million from single premium investment contracts.
Market and currency movements added GBP17.1 million to assets under administration.
Dragging assets, Hansard recorded GBP38.8 million in withdrawals from investment contracts.
"We are pleased to have started our financial year successfully with our new business from the UAE continuing to perform strongly. Following the recent acquisition of our investment manager licence in Japan, our primary objective for this financial year is to finalise our new proposition and operational model with a number of potential distribution partners and to launch to new business," said Chief Executive Gordon Marr.
Hansard said it continues to focus on the distribution of regular and single premium contracts, with about 60% of assets denominated in US dollars.
In present value of new business premiums, a key metric for the firm, levels of new business in the first quarter were 9.8% higher compared to the previous year. The primary area of growth continues to come from regular premium savings in the UAE, Hansard noted.
Present value of new business premiums totalled GBP35.8 million in the three months to September 30, with regular premiums totalling GBP22.6 million and single premiums coming in at GBP13.2 million.
"Our second quarter to date has maintained our positive momentum, and we expect to see similar growth 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 additional key milestones such as the signing of formal distribution agreements," Hansard added.
Shares in Hansard Global were 2.3% higher in London on Thursday at 40.90 pence each.
By Paul McGowan; paulmcgowan@alliancenews.com
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