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Jump in business for Hansard Global

Hansard Global has reported a 37% increase in levels of new business in the past nine months.

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The company described its interim results, covering the nine months from June 2010 to March 2011, as showing “business momentum at industry leading margins.”

New business, measured in accounting parlance as Present Value of New Business Premiums (PVNBP), was £162.1m, up from £118m over the same period the previous year.

Post-tax profits of £12.9m were down over the period, compared to the previous year’s figure of £13.5m when measured in International Financial Reporting Standards terms.

However, when looked at in European Embedded Value (EEV) terms, what was described as operating profits were up from £10m a year ago to £13.9m in the current period.

The results also showed the profit margin on new business premiums was 8%, compared to 6.9% in the previous equivalent period.

Hansard said there had been strong performance in “growth markets” of the Far East and Latin America.

Assets under administration of £1.3bn were described as “stable”.

Leonard Polonsky, chairman of Hansard Global, said: “New business momentum has continued and we have achieved increasing regular premium new business flows from the growth markets of Latin America and the Far East.

"While we are cautious as to the short term effects arising from the problems in Japan and the Middle East, the outlook for sustained growth in new business and profitability in the longer term remains positive for the group."

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