TIDMHSD
RNS Number : 3341Y
Hansard Global plc
04 May 2023
4 May 2023
Hansard Global plc
Trading update for Q3 2023
Hansard Global plc ("Hansard" or "the Group"), the specialist
long-term savings provider, issues its trading update for the third
quarter ended 31 March 2023 ("Q3 2023") . All figures refer to this
period, except where indicated. Year to date ("YTD") figures refer
to 1 July 2022 to 31 March 2023.
Summary
-- New business for the quarter ended 31 March 2023 was GBP25.4m
in PVNBP ("Present Value of New Business Premiums") terms, ahead of
new business of GBP18.6m in the quarter ended 31 December 2022 and
down from GBP31.4m in the quarter ended 31 March 2022.
-- For the nine months to 31 March 2023, new business was GBP68.8m (Q3 YTD 2022: GBP95.8m).
-- Assets under administration were GBP1.12 billion as at 31
March 2023, up GBP15.6m from that last reported as at 31 December
2022.
-- We continue to make encouraging progress with distribution
opportunities for our Japanese proposition.
-- We remain on track to replace our policy administration
systems to support our next g eneration of products and to realise
future cost and efficiency gains.
Graham Sheward, Group Chief Executive Officer, commented:
"While the overall environment has remained challenging for
investment and long-term savings plans, it was pleasing to see a
36.5% improvement from our Q2 new business level.
In our largest region, Middle East and Africa, new business was
up 20.8% for the quarter ended 31 March 2023 compared to 31 March
2022. Recently recruited sales managers in this region have
generated improved results via both new and existing distribution
partners. The business continues to target new opportunities via
asset managers' high net worth clients.
New business in Latin America was down 9.5% for the quarter.
Similar to the Middle East and Africa region, we are working on
building business with new distribution partners to supplement our
existing distribution.
The Rest of World and Far East business remain below previous
financial years as a result of a decline in single premium business
and business acceptance restrictions arising out of the
Russia-Ukraine conflict.
We continue to make encouraging progress with distribution
opportunities for our Japanese proposition to be launched on our
new policy administration system."
For further information:
Hansard Global plc +44 (0) 1624 688 000
Graham Sheward, Group Chief Executive Officer
Thomas Morfett, Chief Financial Officer
Email: investor-relations@hansard.com
Camarco +44 (0) 7990 653 341
Ben Woodford, Hugo Liddy
Hansard Global plc
TRADING UPDATE for the PERIOD ended 31 March 2023
OVERVIEW
The Group continues to focus on the distribution of regular and
single premium savings and investment products in a range of
jurisdictions around the world.
The ongoing uncertainty in global economic conditions continues
to provide challenges to our new business levels. In Present Value
of New Business Premiums ("PVNBP") terms, new business for the
quarter ended 31 March 2023 was 17.8% lower than the prior year
equivalent but up 36.5% from the quarter ended 31 December
2022.
Annualised Premium Equivalent ("APE") for the quarter ended 31
March 2023 was 20.5% lower than the prior year equivalent.
New Business Flows
New business flows for the quarter and the nine months ended 31
March are summarised as follows:
Three months Nine months ended
ended
31 March 31 March
2023 2022 % 2023 2022 %
Basis GBPm GBPm change GBPm GBPm change
------------------------------- ----- ----- -------- --------- --------- --------
Present Value of New Business
Premiums 25.4 30.9 (17.8%) 68.8 95.8 (28.2%)
Annualised Premium Equivalent 3.5 4.4 (20.5%) 9.9 13.2 (25.0%)
------------------------------- ----- ----- -------- --------- --------- --------
The split of regular and single new business premiums on the
PVNBP basis was as follows:
Three months ended Nine months ended
31 March 31 March
2023 2022 % 2023 2022 %
PVNBP by product type GBPm GBPm change GBPm GBPm change
----------------------- ------ ----- -------- --------- --------- --------
Regular premium 13.5 19.1 (29.5%) 44.3 59.7 (25.8%)
Single premium 11.9 11.8 0.9% 24.5 36.1 (32.1%)
----------------------- ------ ----- -------- --------- --------- --------
Total 25.4 30.9 (17.8%) 68.8 95.8 (28.2%)
----------------------- ------ ----- -------- --------- --------- --------
The regional split of new business premiums on the PVNBP basis
was follows:
Three months ended Nine months ended
31 March 31 March
2023 2022 % 2023 2022 %
PVNBP by geographical GBPm GBPm change GBPm GBPm change
area
------------------------ ------ ----- -------- --------- --------- --------
Middle East and Africa 15.1 12.5 20.8% 34.7 35.0 (0.8%)
Latin America 5.7 6.3 (9.5%) 19.4 20.7 (6.3%)
Rest of World 3.9 7.9 (50.6%) 11.2 28.5 (60.4%)
Far East 0.7 4.2 (83.3%) 3.5 11.6 (69.8%)
Total 25.4 30.9 (17.8%) 68.8 95.8 (28.2%)
------------------------ ------ ----- -------- --------- --------- --------
Assets under Administration ("AUA")
The composition and value of AuA is based upon the assets
selected by or on behalf of contract holders to meet their savings
and investment needs. Reflecting the wide geographical spread of
the Group's customer base, the majority of premium contributions
and of AuA are designated in currencies other than sterling. Over
70% of Group AuA are denominated in US dollars.
The total of such assets is affected by the level of new premium
contributions received from new and existing policy contracts, the
amount of assets withdrawn by contract holders, charges and the
effect of investment market and currency movements. These factors
ultimately affect the level of fund-based income earned by the
Group. Net withdrawals are typically experienced in Hansard Europe
dac ("Hansard Europe"), which closed to new business in 2013.
During Q3 2022 AuA increased by GBP15.6m or 1.4%, reflecting a
small increase in global stock markets. For the 9 months ended 31
March 2023, AuA increased GBP23.6m or 2.2%.
The following analysis shows the components of the movement in
AuA during the quarter:
Three months Nine months
ended ended
31 March 31 March
2023 2022 2023 2022
GBPm GBPm GBPm GBPm
----------------------------------------- ---------- --------- ---------- ---------
Deposits to investment contracts
- regular premiums 21.4 21.6 65.7 64.9
Deposits to investment contracts
- single premiums 11.9 11.6 24.5 36.2
Withdrawals from contracts and
charges (36.7) (38.3) (108.6) (122.0)
Effect of market and currency movements 19.0 (54.0) 42.0 (31.6)
----------------------------------------- ---------- --------- ---------- ---------
Increase / (decrease) in period 15.6 (59.1) 23.6 (52.5)
Opening balance 1,100.3 1,230.8 1,092.3 1,224.2
----------------------------------------- ---------- --------- ---------- ---------
Assets under Administration at
31 December 1,115.9 1,171.7 1,115.9 1,171.7
----------------------------------------- ---------- --------- ---------- ---------
The movement in AuA is split as follows between Hansard
International (incorporating business reinsured from Hansard
Worldwide) and Hansard Europe:
Nine months
ended
31 March
2023 2022
GBPm GBPm
--------------------------------- --- ------- -------
Hansard International 25.3 (40.2)
Hansard Europe (1.7) (12.3)
---------------------------------------- ------- -------
Increase / (decrease) in period 23.6 (52.5)
---------------------------------------- ------- -------
Results for the yearing 30 JUNE 2023
New business results for the full year are scheduled to be
announced on 27 July 2023. The Company's full year results
announcement for the year ending 30 June 2023 is expected to be
released on 28 September 2023.
OUTLOOK
We expect sales of long-term savings products through
Independent Financial Advisors to continue to be impacted by global
economic headwinds. Looking forward however we are confident that
our new product pipeline will lead to increased sales and long term
growth in the business.
Notes to editors:
-- Hansard Global plc is the holding company of the Hansard
Group of companies. The Company was listed on the London Stock
Exchange in December 2006. The Group is a specialist long-term
savings provider, based in the Isle of Man.
-- The Group offers a range of flexible and tax-efficient
investment products within a life assurance policy wrapper,
designed to appeal to affluent, international investors.
-- The Group utilises a controlled cost distribution model via a
network of independent financial advisors and the retail operations
of certain financial institutions who provide access to their
clients in more than 170 countries. The Group's distribution model
is supported by Hansard OnLine, a multi-language internet platform,
and is scalable.
-- The principal geographic markets in which the Group currently
services contract holders and financial advisors are the Middle
East & Africa, the Far East and Latin America. These markets
are served by Hansard International Limited and Hansard Worldwide
Limited.
-- Hansard Europe dac previously operated in Western Europe but
closed to new business with effect from 30 June 2013.
-- The Group's objective is to grow by attracting new business
and positioning itself to adapt rapidly to market trends and
conditions. The scalability and flexibility of the Group's
operations allow it to enter or develop new geographic markets and
exploit growth opportunities within existing markets without the
need for significant further investment.
Forward-looking statements:
This announcement may contain certain forward-looking statements
with respect to certain of Hansard Global plc's plans and its
current goals and expectations relating to future financial
condition, performance and results. By their nature forward-looking
statements involve risk and uncertainties because they relate to
future events and circumstances which are beyond Hansard Global
plc's control. As a result, Hansard Global plc's actual future
condition, performance and results may differ materially from the
plans, goals and expectations set out in Hansard Global plc's
forward-looking statements. Hansard Global plc does not undertake
to update forward-looking statements contained in this announcement
or any other forward-looking statement it may make. No statement in
this announcement is intended to be a profit forecast or be relied
upon as a guide for future performance.
Legal Entity Identifier: 213800ZJ9F2EA3Q24K05
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
TSTQXLFBXELEBBL
(END) Dow Jones Newswires
May 04, 2023 02:00 ET (06:00 GMT)
Hansard Global (LSE:HSD)
過去 株価チャート
から 11 2024 まで 12 2024
Hansard Global (LSE:HSD)
過去 株価チャート
から 12 2023 まで 12 2024
