News

Hansard Global hit by weak dollar

30 July 2007 14:37:00

Long-term savings provider Hansard Global said growth of new business has been affected by various factors, including the weak dollar.

Around 50% of new business in the year was received in US dollars, which hindered the company's results. The level of the company's premiums was also depressed by delays until the current financial year.

"The growth of new business reported in sterling has been restricted during the year by a combination of adverse currency movements, timing of new single premium business flows and the group's desire to maintain new business margins," it said.

Full-year new business premiums on an APE basis rose 5.8% to £35.5m compared to £33.7m last year.

Reporting for the period covering the year to end-June 2007, the company said strong new business flows were reported in the Far East, Scandinavia and Latin America.

The value of assets under administration continues to increase, and stood at £1.13bn on 30 June 2007, a rise of 19.3% on the year.

"We are confident that the outlook for continued new business growth remains positive for the group," the chief executive, Leonard Polonsky said.

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