The Isle of Man-based savings provider reported present value of new business premiums (PVNBP) of £74.9m ($94m, €87.6m) for 1H17, up by 32.8% from £56.4m during the six months ending 31 December 2015.
In the three months to 31 December 2016, PVNBP was up 11.4% to £41m, compared with £36.8m during the same period a year ago.
The recent growth is a continuation of the momentum Hansard Global reported during its fiscal fourth quarter ending 30 June 2016, which continued into its fiscal first quarter of 2017.
The Middle East and Africa region has been a primary driver of Hansard’s growth, with the Rest of World region also providing new business opportunities. During the latest reporting period, the company reported strong growth in Latin America, albeit from a small base.
Gordon Marr, group chief executive, said: “We are pleased to have maintained our continuing upward trend of well-diversified new business growth.”
During the company’s fiscal second quarter (ending 31 December 2015), president and non-executive director Leonard Polonsky invested the sterling equivalent of £8.3m as a lump sum top-up of a Hansard savings product.
The investment was made on arms-length terms and significantly impacted 2Q16 results.
No reference was made to the investment in the company’s 1H17 results statement.
Regular and single premiums
During the six months to 31 December 2016, Hansard’s regular and single premium products reported strong year-on-year growth.
However, single premium sales dipped in the final three months of the year, when compared with a year ago.
Assets under administration
AuA rose to £1bn at the end of December 2016, up from £856.2m a year ago.
The company advised that the wide geographical spread of the group’s customer base are designated in currencies other than sterling. As a result, AuA benefitted from a weaker sterling against the US dollar.
AuA is split between Hansard International and Hansard Europe, which closed to new business in 2013.
In line with the company’s strategic objective to gain additional licenced access to key target markets, Hansard has signed a strategic alliance with Union Insurance Company PSC to establish growth in the UAE.
“We have stated previously that it is our intention to seek out additional licences in attractive markets and we are delighted to have recently announced a partnership with Union Insurance in the UAE which we expect to launch in February 2017,” said Marr.
Through the partnership, Hansard will add two new products to its Dubai offering.