The Isle of Man headquartered company reported £33.9m (€38.5m, $42m) in the present value of new business premiums (PVNBP) in the first quarter of its fiscal year from 1 July to 30 September, up from £19.6m in Q1 of the previous year and 4% higher than Q4 2016.
The Middle East and Africa region saw a 150% uplift in PVNBP, from £4.8m to £12m, while the rest of the world excluding the Far East and Latin America there was a 94.6% jump from £5.5m to £10.7m.
Gordon Marr, group chief executive said: “We are pleased that our increased levels of new business continue to demonstrate the sustainability of the trend established over the past 12 months and it is particularly encouraging to achieve further growth in comparison with the final quarter of the 2016 financial year.
“Despite global political and economic uncertainties ahead, we are confident of making further progress on our strategic goals and delivering continued growth during the remainder of the year.”
In the Far East, the quarter ending 30 September saw more subdued growth quarter on quarter, but still rising 27% from a PVNBP of £5.8m to £7.4m.
The region showing the least growth was in Latin America, where there was an 8.6% uplift from just £3.5m to £3.8m.
Litigation update
Assets under administration increased since the last quarter by £58m or 6% to £982m.
There was also an update on the litigation activities relating to the group’s legacy operations of Hansard Europe.
One new writ had been received with a value of under £0.1m, while another writ, also for under £0.1m, has been successfully concluded with no liability for the group, the company said.
“This conclusion was reached after a case under appeal in Italy ruled that Hansard had no case to answer. We are pleased with this result as it is the first case to fully work its way through the court appeal system”, it said.
Hansard’s next set of new business results, for the half year ending 31 December 2016, are expected to be announced on 26 January 2017.
