In its results statement, Hansard highlighted that global stock markets experienced significant declines largely due to concerns over economic growth in China. It reported that lump sum withdrawals from Hansard Europe continued to outweigh regular premium contributions from Hansard International over the period.

Still, the company traded profitably during the period and generated positive cash flows. It achieved a 42 per cent year-on-year jump in new business over the quarter, driven by particularly strong performance in the Middle East and Africa. Only Latin America suffered a drop in new business, falling 39.7 per cent.

Although new business margins improved, they still remained negative. Hansard said it expects that as new business continues to grow, margins will continue to recover given a relatively flat cost base.

“Despite global stock markets experiencing significant declines during the past quarter, we are pleased that the encouraging trend in our new business levels has continued and that we have maintained the momentum that we have built up over the past two quarters in both the levels of business written and our pipeline,” said Hansard Global's group chief executive, Gordon Marr.

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