The Isle of Man-based savings provider reported present value of new business premiums (PVNBP) of £77m ($108.7m, €88m) for the six months to 31 December 2017, up 2.8% from £74.9m during the same period the previous year.
The results show a slowdown in growth, as the company reported a year-on-year PVNBP increase of 32.8% to £56.4m for the six months ending 31 December 2016.
Product breakdown
In the three months to 31 December 2017 (2Q18), PVNBP was down 6.1% to £38.5m, compared with £41m during the same period a year ago (2Q17).
Geographical breakdown
A Hansard spokesperson said the growth decline during the last quarter was primarily the result of a major distributor partner in the Middle East and Africa exiting the region.
They said the Middle East and Africa has also been affected by changes in the taxation of offshore pensions, which has resulted in more of the company’s business being written in other geographies.
Despite the decline in the Middle East and Africa, growth in Latin America and the Rest of the World has remained strong for Hansard.
“New relationships established in Latin America and the Rest of the World have continued their trend of very pleasing growth, up 23.5% and 22.5%, respectively, compared to 2Q17,” the spokesperson said.
Gordon Marr, group chief executive for Hansard, said the company remains confidant of future growth.
“Hansard has continued to grow new business levels in the first half of the financial year notwithstanding the exit of a distribution partner in our Middle East and Africa region.
“The well diversified nature of our business allows us to expand through other channels and we remain confident that Hansard will continue to grow as we deliver upon our strategy,” Marr said.
Assets under administration
AUA grew to £1.87bn at the end of December 2017, an increase of £37m (3.5%) in the three months to 31 December 2017, and up by £87m (8.7%) since 31 December 2016.
Hansard Europe reported outflows of £10.9m during the six-month period, a sharp increase from outflows of £800,000 during the same period last year. The division has been closed to new business since June 2013.
Hansard International saw inflows of £48.7m, a decrease of more than £30m compared with the previous year.
