Hansard reports 50% leap in Middle East business

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Hansard reports 50% leap in Middle East business

Isle of Man-headquartered Hansard Global reported a 49.3% uplift in new business across its largest region, Middle East and Africa, standing at £20.6m compared to Q3 2020.

This was due to "the Middle East emerging comparatively well from Covid-19 and the successful acquisition of a number of high-net worth single premium policies", it said in a trading update today (6 May) for the nine months ended 31 March 2021.

The Rest of World region for new business was broadly in line with the prior year on both a quarterly (£12.1m) and year-to-date (£36.4m) basis.

It is encouraging to see an improving environment for the distribution of our products as restrictions are gradually relaxed and investment confidence returns."

New business in Latin America "continued to be resilient" for the quarter (£10.1m) and year-to-date (£28.7m) despite experiencing some of the most challenging global Covid-19 conditions on the ground.

New business in the Far East "rebounded significantly" during the quarter to £4.5m from the lower levels seen in previous quarters, boosted by higher value regular premium policies. This resulted in overall year-to-date new business being up 16.3% to £9.3m.

It reiterated the main strategic focus in the Far East was to develop and bring its new Japanese proposition to market.

Overall new business for Q3 2021 was £47.3m compared to £38.4m in Q3 2020 (up 23.2%) and £42.1m in Q2 2021 (up 12.4%).

For the nine months to 31 March 2021, new business was £123.6m, an increase of 4.3% on the comparative prior year period, while single premiums were up 48.6% for Q3 2021 compared to Q3 2020.

Chief executive Gordon Marr said: "Our new business performance for our third quarter was very positive. It is encouraging to see an improving environment for the distribution of our products as restrictions are gradually relaxed and investment confidence returns.

"We continue to invest for the future through the on-going development of our Japanese proposition and the upgrade of our systems environment. Our proposition is now operationally ready and we are working with our distribution partner to schedule a launch date when Covid restrictions in Japan are more favourable. It remains on track to deliver significant growth in our coming financial year."

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