Hansard Global said today (27 July) that it is 'working hard' on new products, broker relationships and experienced sales executives as new business for the financial year ended 30 June 2023 was £85.7m in Present Value of New Business Premiums (PVNBP) terms, down 28.9% from £120.5m in FY 2022.
Financial year (FY 2023) figures refer to 1 July 2022 to 30 June 2023.
New business for Q4 2023 was £16.9m, 31.9% lower than £24.8m in Q4 2022 (incorporating the impact of annual changes in actuarial assumptions to the calculation of PVNBP in Q4).
Hansard said the new business for the quarter and financial year was impacted by a general hesitancy by clients to commit to long-term savings products reflecting on-going economic uncertainty, geopolitical developments, and the aftermath of Covid-19 restrictions around the world.
Assets under administration were £1.1bn as at 30 June 2023, in line with £1.1bn at 30 June 2022.
Hansard further said it continues to make positive progress with distribution opportunities for its Japan proposition, and continues work to make targeted refinements to its proposition in its current core markets.
The statement also said the group remains on track to replace its policy administration systems to support the next generation of products while realising associated cost and efficiency gains.
Graham Sheward, group chief executive officer, said: "Consistent with our strategy, we continue to focus our efforts proactively on distribution opportunities for our Japanese proposition and good progress continues to be made.
"More generally, we are working hard to improve new business levels through a combination of new product development, new broker relationships and the deployment of additional experienced sales management executives into the business.
"We are confident that our new product pipeline will lead to increased sales and long term growth in the business."
