LONDON (Alliance News) - Hansard Global PLC Thursday said it had won 13% more new business in the second quarter of its financial year than in the first quarter, although new business for the whole of the half is down 47% on the year after a Japanese distributor suspended operations in October.
The specialist long-term savings provider said present value of new business premiums for the whole six months to December 31 was GBP29.4 million, although new business in the second quarter was up 13% on the GBP13.8 million t reported in the first quarter.
It said it experienced a particularly encouraging response in the Middle East and Africa, which accounted for GBP4.0 million of the present value of new business premiums in the half.
"Since the launch of our strategic plan last year, we have entered into 53 new relationships with IFA networks. We anticipate that these new relationships will begin to deliver increased levels of profitable new business, and diversify our exposure across a range of distributors and countries, in the second half of the financial year," Chief Executive Gordon Marr said in a statement.
Hansard Global said its estimate of its exposure to the issue of chargeable events certificates remains unchanged at GBP5.0 million, and its outstanding litigation exposure remains GBP5.2 million, unchanged from the end of June.
Hansard Global shares were up 1.7% at 88.50 pence Thursday morning.
By Steve McGrath; stevemcgrath@alliancenews.com; @stevemcgrath1
Copyright 2015 Alliance News Limited. All Rights Reserved.
Hansard (HSD)