Business
New business results for the year ended 30/06/2022
New business results for the year ended 30/06/2022.
About this update from Hansard Global Plc
[{"type":"text","content":"\n \n \n \n \n \n \n \n \n \n \n \n \n 21 July 2022\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Hansard Global plc\n \n \n \n \n New business results for the year ended 30 June 2022\n \n \n \n \n \n \n \n \n \n \n \n \n \n Hansard Global plc (\"Hansard\" or \"the Group\"), the specialist long-term savings provider, issues\n its trading update for the quarter ended 30 June 2022\n (\"Q4 2022\")\n . \n All figures refer to this period, except where indicated. Financial year (\"FY 2022\") figures refer to 1 July 2021 to 30 June 2022.\n \n \n \n Summary\n \n \n \n ·\n New business for the financial year ended 30 June 2022 was £120.5m in PVNBP (\"Present Value of New Business Premiums\") terms, down 30.3% from £173.0m in FY 2021;\n \n \n ·\n New business for Q4 2022 was £24.8m, 49.8% lower than £49.4m in Q4 2021 (incorporating the impact of annual changes in actuarial assumptions to the calculation of PVNBP in Q4);\n \n \n ·\n New business for the quarter and financial year was impacted by economic uncertainty, geopolitical developments, the aftermath of Covid-19 restrictions around the world, and a general hesitancy by clients to commit to long-term savings products;\n \n \n ·\n Assets under administration were £1.1bn as at 30 June 2022, down from £1.2bn at 30 June 2021, primarily reflecting declines in global stock markets over the year;\n \n \n ·\n The Group remains on track for replacing its policy administration systems to support its next generation of products whilst realising associated cost and efficiency gains;\n \n \n ·\n While the Group continues to work with its prospective Japanese distribution partner towards a suitable launch date, we now anticipate further obstacles to the Group's envisaged timeframe for the product launch, due principally to Covid-related\n operational challenges facing our partner and\n changes in its senior personnel\n . While continuing this engagement we are accelerating action to access alternative distributors and distribution channels via initiatives already commenced as part of our existing plans for Japan.\n \n \n \n Graham Sheward, Group Chief Executive Officer, commented:\n \n \n \n \"Given the timeline challenges being experienced with our chosen initial distributor in Japan, we are proactively focussing more of our efforts on alternative di...