On a present value of new business premiums (PVNBP) basis, the Isle of Man-based long-term savings provider reported new business of £30.4m ($43.9m, €38.5m) in 3Q16, with nine-month PVNBP of £86.8m.
Founder investment
During the company’s fiscal second quarter (ending 31 December 2015), president and non-executive director Polonsky invested the sterling equivalent of £8.3m as a lump sum top-up of a Hansard savings product.
The investment was made on arms-length terms and significantly impacted 2Q16 results.
Excluding this investment from Polonsky, PVNBP for the nine months ending 31 March 2016 was 92.4%. Equivalent figures from 3Q16 were not provided.
International
The company advised that it is seeing the initial success of the Middle East and Africa region being replicated in its Rest of World region, with new business in the Caribbean and Europe (non-EU) performing well.
Assets under administration
AuA rose £20.4m in 3Q16, up from £12.1m in 3Q15, taking Group AuA to £876.6m as of 31 March 2016.
Asset flows over the two periods were as follows:
Replicating success
Gordon Marr, group chief executive, said: “We continue to work hard to implement our strategy and generate increased levels of sustainable new business.
“We are focusing on replicating the current successes experienced in a number of territories ore widely and we continue to invest for the future in targeted locations where we believe new licences can deliver significant opportunity.”
