LONDON (ShareCast) - Shares in specialist long-term savings provider Hansard Global fell after it warned that second quarter results were likely to be below last year’s level.
The group, which provides life insurance wrapped products to independent financial advisers and their clients, blamed the disappointing news on the fact that a large distributor had ceased production.
But it said it had grown new business in the first quarter. It reported a 4.2% rise in new business premiums at Hansard International and said its profit after tax for the quarter was marginally ahead of last year.
The group earlier this year closed its Hansard Europe division to new business. It said that there remained a number of writs served upon the business totalling €4.6m.
Chief Executive Officer Gordon Marr said: “We have been undertaking a thorough review of our new business strategy in order to diversify new business flows, reduce risk and increase the scale of our business. We will be making an announcement about this review in due course in 2014.”
Assets under administration reduced marginally to £1bn at the end of September from the end of October.
Shares fell 6% to 104.5p at 12:03 on Friday.
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