Annual Report and Accounts Financial Solutions for International Clients

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1 Aual Report ad Accouts 2014 Fiacial Solutios for Iteratioal Cliets

2 Hasard Global plc Report ad Accouts For the year eded 30 Jue 2014 View from the top The Presidet ad the Chairma share their views o our performace, ad the relevat issues affectig our busiess ad how we operate. Presidet s Statemet 1 Chairma s Statemet 2 Strategic Report A arrative review of the Group s performace that icludes a overview from the Chief Executive ad details of our busiess. You ca also fid out about our approach to risk maagemet. Group Chief Executive Officer s Overview 4 Our Busiess Model ad Strategy 10 Key Performace Idicators 15 Busiess ad Fiacial Review 16 Risk Maagemet ad Iteral Cotrol 28 Goverace Iformatio I this sectio you ca fid out more o our Directors backgroud ad experiece, their specific resposibilities i relatio to the Aual Report ad Accouts, the key parts of our goverace framework ad how it was implemeted durig the year as well as reports from the various Board committees. Board of Directors 34 Directors Report 36 Directors Resposibilities 39 Corporate Goverace Report 40 Report of the Audit Committee 46 Report of the Nomiatios Committee 48 Report of the Remueratio Committee 50 Fiacial Iformatio The Group s IFRS fiacial statemets which iclude detailed aalysis of the Group s performace, assets ad liabilities. You will also fid the Compay fiacial statemets i this sectio. Idepedet Auditor s Report 55 Cosolidated Statemet of Comprehesive Icome 56 Cosolidated Statemet of Chages i Equity 57 Cosolidated Balace Sheet 58 Cosolidated Cash Flow Statemet 59 Notes to the Cosolidated Fiacial Statemets 60 Paret Compay Balace Sheet 81 Notes to the Paret Compay Fiacial Statemets 82 Europea Embedded Value The Group's EEV Iformatio which icludes detailed aalysis of the Group's performace. Europea Embedded Value Iformatio 86 Notes to the Europea Embedded Value Iformatio 92 Report of the Reviewig Actuaries 96 Shareholder Iformatio Further iformatio for shareholders such as our fiacial caledar ad how to get i touch. Glossary 97 Fiacial Caledar 100 Cotacts ad Advisors 101 Hasard Global plc Report ad Accouts 2014

3 Presidet s Statemet Dr Leoard Polosky CBE View from the top The year eded 30 Jue 2014 has bee evetful ad oe where we cotiued to strive to deliver o our ew strategy. The iteratioal backdrop, icludig the chages i regulatory requiremets, poses its ow challeges but also opportuities, ad these will be a importat focus for maagemet i the comig period. I am cofidet that Hasard has the ability ad determiatio to adapt to these chages. As previously aouced, at the year-ed I haded over the Chairmaship to Philip Gregory. I felt the time had come to pass o the role to a ew geeratio, which ca cotiue to exploit the cosiderable potetial of the busiess. As a ogoig major shareholder ad Board member I look forward to workig with Philip, the rest of the Board ad the executive team, to implemet our recetly lauched revised strategy ad move Hasard further forward. Dr L S Polosky CBE 24 September

4 Chairma s Statemet Philip Gregory The Board s successio pla aouced earlier i the year was implemeted o 30 Jue O that date I was appoited Chairma to succeed Dr Polosky. Leoard remais a o-executive Director ad has accepted the positio of Presidet of the Group. I would like to thak Leoard for his huge cotributio to the growth of Hasard durig his period as Chairma of the Compay. As fouder of the Group there would be o Hasard if it had ot bee for his visio ad drive. I am certai that we will cotiue to beefit from his advice ad support i the future. Maurice Dyso has take over the positio of Seior Idepedet Director. O 1 Jauary 2014 Ady Frepp was appoited a o-executive Director to fill the vacacy left by the retiremet of Berard Asher i September Hasard Global plc Report ad Accouts 2014

5 We have a clear view of the chages required to positio the Group for future success View from the top Strategy The Group udertook a thorough strategic review durig the year. The review was triggered by the chage i executive maagemet last year ad a cocer that our previous strategy eeded adjustig i view of chages i the fast movig global ivestmet market. Our objective was to idetify opportuities that could eable us to double the ew busiess i five years time. The coclusios of the review were preseted to Stock Market aalysts, our supportig Idepedet Fiacial Advisors ("IFAs") ad our staff durig the first half of May aspects of our previous strategy have bee recofirmed by our review. There is a market opportuity for a well capitalised offshore life assurace compay, with strog positive cash flows ad a excellet o-lie system, cocetratig solely o providig wrapper products to IFAs ad their cliets. Similarly, our previous strategies of reducig the risk to our shareholders by ot givig ivestmet advice ad ot sellig i either the USA or the EU remai valid. The review idetified growth opportuities that we should take advatage of, particularly with products aimed at itermediaries focused o the expatriate market. I order to be competitive i this market, we lauched a umber of revised products i the secod quarter of The strategic review also highlighted areas where we ca improve our processes, either to be more cost effective or to reduce our risk. The full beefits of the strategic review will take several years to achieve, due to the time required to attract ew IFAs ad implemet the ecessary chages. However, we are cofidet that we ow have a clear view of the chages required to positio the Group for future success. New busiess New busiess durig the year has bee disappoitig, highlightig the ecessity of the strategic review. I October 2013 our largest supportig IFA suspeded its ew busiess operatios i Japa. Cosequetly ew busiess sales i FY 2014 are approximately half that of FY Whilst our sales team are workig hard to attract ew IFAs, this will take time. Fiacial performace The Group has traded profitably durig the year ad geerated strog positive cash flows from the i-force busiess. The cash flows have bee ivested i Hasard OLie, distributio ad other ifrastructure to support ew busiess activities, ad to pay divideds. Durig May 2014 we idetified weakesses i the Group s procedures i relatio to the issue of Chargeable Evets Certificates ("CECs") required by the UK tax authorities. We immediately stregtheed our cotrols over this area of our admiistratio. We have submitted detailed iformatio to the UK tax authorities ad are awaitig their respose. While we caot prejudge the respose of the UK tax authorities, accoutig stadards require us to iclude a provisio i FY 2014 for our estimate of the potetial liability ad our professioal costs. After takig professioal advice we have made a provisio of 5m. Cosequetly the Group s profit uder Iteratioal Fiacial Reportig Stadards ( IFRS ) has falle to 8.3m after tax (2013: 10.4m). The Europea Embedded Value ( EEV ) operatig loss after tax of 6.6m reflects the sigificatly lower ew busiess i the year (2013: 11.7m profit). The EEV of the Group, followig the paymet of divideds of 11.2m i the year is 203.8m (2013: 226m). Divideds I view of the Board s cofidece i the log-term future of the Group, it has resolved to pay a icreased fial divided of 5.0p per share (2013: 4.75p) despite the fall i profits for the year. The divided is subject to approval at the Aual Geeral Meetig. If approved, this will represet total divideds for the fiacial year of 8.4p per share which is i lie with our previous commitmet to ivestors. The fial divided will be paid o 13 November Capitalisatio ad Solvecy The Group is well capitalised to meet the requiremets of regulators, policyholders, itermediaries ad other stakeholders. Aggregate miimum solvecy margis are covered 12 times by our capital resources. Our prudet ivestmet policy for shareholder assets has removed much of the market risk ad provided a stable ad resiliet solvecy positio over recet years. Cocludig remarks The results for 2014 were disappoitig, due to the suspesio of ew sales by our largest IFA ad the eed for a 5m provisio agaist our admiistratio of CECs. However, i the last year cosiderable work has bee udertake o the strategic review to esure that the Group is positioed for future growth ad further work will be ogoig ito It will take time for the full beefits of this adjustmet to our strategy to emerge i icreased sales ad loger still for a sigificat impact o IFRS profits. However, we are cofidet that the log-term outlook for the Group is strog. P P C Gregory Chairma 24 September 2014 Hasard Global plc Report ad Accouts

6 Group Chief Executive Officer s Overview Gordo Marr I reported i the Aual Report ad Accouts a year ago that the Group operates i a fast-movig eviromet. Sice the we have see the rate of chage i the regulatory eviromet icrease markedly ad we have respoded to that by coductig a wide-ragig review of our busiess ad developed a strategic pla which has gaied support from the Group s employees, itermediaries, ivestors ad other stakeholders. We have lauched a rage of ew products that will provide better outcomes for cliets ad itermediaries ad have cotiued to develop the fuctioality of Hasard OLie. 4 Hasard Global plc Report ad Accouts 2014

7 The Group has traded profitably durig the year ad geerated strog positive cash flows Strategic Report Throughout this fiacial year we have cotiued to geerate positive cash flows to support ivestmet i ew busiess ad the paymet of a progressive divided. I this fiacial year, however, we have see sigificat reductios i ew busiess levels, as compared to last year, followig the suspesio of the ew busiess activities of our largest distributor. Additioally, i the latter part of the year, we discovered that we had ot bee meetig all the reportig requiremets of HM Reveue ad Customs i relatio to a small umber of UK residet cotract holders. We have take steps to prevet a recurrece of this situatio ad we have set aside 5m i these accouts to meet the estimated liability. Strategy developmet The busiess model that the Group successfully operated i the past is becomig more susceptible to icreasig regulatory, competitor ad other itervetio ad a icreasig barrier to achievig strategic goals at a appropriate level of risk. We recogised that we have to chage. The Group s busiess is well-capitalised ad cashgeerative ad the strategic pla that we have developed aims to use the Group s fiacial stregth ad flexibility to build a busiess that is diversified, profitable ad of icreased scale. We are implemetig chages which will set our directio for the foreseeable future. The Group s strategy is to direct its efforts to be the preferred choice of distributors whe recommedig iteratioal savigs ad ivestmet products to their cliets. We have developed attractive products ad will cotiue to improve them. We recogise that cliets are at the heart of our busiess ad, cosequetly, we must work harder to build log-term positive relatioships with them. We aim to become eve better at servig ad rewardig our cliets ad shareholders. Results for the year I the Report ad Accouts for the year eded 30 Jue 2013 I commeted o a umber of key areas of focus i order for us to attract ad retai cliets ad icrease the value of the Group to ivestors ad stakeholders. While we have devoted a great deal of our resources to strategy developmet ad related activities durig the year, our areas of prime focus are those to which I referred last year. We believe that these areas are fudametal to the success of the Group. 1. Sourcig sigificat flows of regular premium ew busiess from diversified target markets; 2. Maagig our exposure to busiess risk; 3. Leveragig Hasard OLie developmets; ad 4. Geeratig positive cash flows to fud a progressive divided stream. I would draw your attetio to the followig. Additioal iformatio is cotaied i the Busiess ad Fiacial Review o pages 16 to New Busiess distributio Followig the closure of Hasard Europe Limited to ew busiess with effect from 30 Jue 2013, ew busiess performace commetary withi this documet will relate to Hasard Iteratioal Limited aloe, except where idicated. The level of ew busiess we eared durig the year of 83.0m (usig the Preset Value of New Busiess Premiums ( PVNBP ) metric) is some 50% below that of FY This reductio was drive primarily by the fact that a sigificat itroducer etwork i Japa suspeded its ew busiess activities i October This etwork itroduced 9.5m PVNBP to us i Q ad 74m PVNBP i FY We had aticipated a elemet of regulatory itervetio i the relatioship ad had bee i discussios to agree a acceptable way forward at the time of the suspesio. As a result of the suspesio we o loger accept ew busiess from Japaese residets. For comparative purposes, if we discout the busiess itroduced by that distributor the ew busiess levels i FY 2014 are some 25% below those of FY 2013, which icludes the effect of Hasard Europe closig to ew busiess ad the cosequet loss of relatioships with those itermediaries. Hasard Global plc Report ad Accouts

8 Group Chief Executive Officer s Overview cotiued Gordo Marr Durig the year we cotiued to support itermediaries ad other ew busiess activities with icetive arragemets ad revised products that we feel will allow us to capture icreased levels of ew busiess i future, albeit at lower margis tha we have ejoyed i the past. I support of our strategic plas we have icreased marketig ad distributio resource across the Group to allow us to better pursue a rage of distributio opportuities i a umber of jurisdictios ad with a rage of itermediary etworks, as reported i the Busiess ad Fiacial Review. I would like to record my thaks to all members of the Group s distributio force, i particular to Graham Morrall for his tireless activity i his first year with the Group, ad to all those IFAs ad itermediaries who have itroduced ew busiess to us this year. 2. Operatioal, Busiess ad Fiacial Risks Our busiess model ivolves the acceptace of a umber of risks. We maitai a eterprise risk maagemet framework to idetify, assess, maage, moitor ad cotrol curret ad emergig risks. However, the system of iteral cotrol ca oly provide reasoable ad ot absolute assurace agaist material misstatemet or loss. I geeral the Group s iteral cotrol ad risk maagemet processes have operated satisfactorily throughout the year, but we have had to recogise a expese of 5m i this fiacial year arisig from a failure of operatioal risk maagemet that has persisted for a umber of years, as is more fully described below. 2.1 Breach of Chargeable Evet Certificate Regulatios Durig the implemetatio of the revised Operatig Model for Hasard Europe we discovered log-stadig breaches i the processig ad issue of Chargeable Evets Certificates ("CECs") required by Her Majesty s Reveue ad Customs ( HMRC ) i relatio to a limited umber of cotracts held by UK residets. Upo discovery we immediately stregtheed our cotrols over this area of our admiistratio ad iitiated a review by exteral advisors to determie the full extet of ay breaches, to estimate the potetial liability ad to assist us i prevetig a recurrece. We recogise our obligatios to cliets to accurately process cotract trasactios ad related regulatory requiremets. The Board therefore agreed to egotiate a settlemet with HMRC o a estimate of tax lost basis i order to miimise cliet icoveiece ad defray tax liabilities that might otherwise fall o cliets as a direct result of our failure to comply with those requiremets of HMRC. The breach has give rise to a very sigificat amout of work for our employees ad our advisors to allow us to cofirm to HMRC that we have adequately ivestigated our data ad have correctly performed a large umber of complex calculatios to support our estimate of the tax lost ad, therefore, the potetial liability. All the ecessary documetatio has bee submitted to HMRC. We await the coclusio of their review of our documetatio. We caot prejudge the respose of HMRC but we estimate that the cost to the Group, icludig professioal costs, will ot exceed 5m ad have made a provisio for that amout i this fiacial year. The Group Audit Committee is tasked with agreeig ad moitorig steps take to improve operatioal risk awareess ad reportig throughout the Group. 2.2 Revised Operatig Model for Hasard Europe Plas to protect the iterests of cliets ad other stakeholders of Hasard Europe ad to achieve a orderly ru-off have bee implemeted i full. Cotract servicig ad related activities have bee outsourced to a Group compay i the Isle of Ma while regulatory cotrol fuctios ad litigatio maagemet remai at Hasard Europe s offices i Dubli. Headcout reductios have bee achieved as aticipated ad at the date of this report Hasard Europe employs 7 people (2013: 37 people). We have take a charge of 0.7m i this fiacial year (2013: 0.4m) represetig accelerated redudacy costs, professioal fees ad other costs arisig from the implemetatio of the plas. With the successful implemetatio of the revised Operatig Model we do ot aticipate a sigificat level of these costs i the future. As a result of these factors, Hasard Europe remais strogly capitalised although the coditios agreed with the Cetral Bak of Irelad followig approval of the plas will defer divided distributios from that compay for the foreseeable future. 6 Hasard Global plc Report ad Accouts 2014

9 Strategic Report 2.3 Complaits ad potetial litigatio We cotiue to deal with complaits i circumstaces where a cotract holder believes that the performace of a asset liked to a particular cotract is ot satisfactory. We do ot give ivestmet advice ad are ot party to the selectio of the asset ad therefore we feel that such claims have o merit. Sometimes these complaits progress to threateed litigatio with the resultig icrease i cost ad resource to the Group. I may cases the threateed litigatio relates to decisios take by idividuals durig, or as a result of, the global fiacial crisis some 5 years ago. We have take actio durig the year to miimise future exposure to sigificat complaits by the itroductio of a asset uiverse that provides a wide rage of ivestmet assets, but which seeks to miimise access to those asset types that have give rise to sigificat complaits i the past, ad by careful risk maagemet of existig litigatio. We believe that this actio will be positive for the Group. At the begiig of this fiacial year Hasard Europe was facig litigatio based o writs totallig 4.6m (approximately 3.9m) as a result of these ad related complaits. Each case is cosidered o its merits ad durig the year the Board cosidered it i our best iterests to reach a resolutio with regard to certai of those claims. Settlemets totallig 0.7m (2013: 1.6m) have bee agreed. These settlemets relate to uderlyig claims of approximately 1.9m (2013: claims of approximately 7.5m) which demostrates the disparity betwee amouts claimed (ad therefore reported as cotiget liabilities withi the Report ad Accouts) ad amouts subsequetly settled followig disclosure of the facts of each case. While these settlemets have had a egative impact o reported results, they were agreed, without ay admissio of liability, i order to avoid the expese ad distractio of exteded litigatio ad to allow maagemet to focus fully o the executio of our strategy. As a result of further writs issued durig the year ad i the period to the date of this report, writs outstadig agaist Hasard Europe total 6.5m or approximately 5.2m. We will cotiue to defed ourselves from all claims but will cosider early settlemet where there is a clear ecoomic beefit. 3. Leverage Hasard OLie Hasard OLie is a powerful sales ad busiess admiistratio tool that is used by itermediaries ad cliets the world over. It is a itegral part of Group admiistratio systems that allows us to better service itermediaries ad cliets, embed process efficiecies ad be flexible i operatioal deploymet. Durig the year we cotiued to exted the reach of Hasard OLie amog those few itermediaries throughout the world who do ot curretly utilise this powerful tool i their dealigs with Hasard. Our goal is to provide cliets with a olie 24/7 self-service model ad we have cotiued to improve access, useability ad security. More tha 10,000 ew busiess applicatios have bee processed through Hasard OLie sice lauch of the facility ad over 90% of ew busiess applicatios are processed olie. Additioal iformatio cocerig developmets i Hasard OLie is set out i the Busiess ad Fiacial Review. 4. Positive operatig cash flows ad progressive divided stream The Group geerates positive operatig cash flows to fud ivestmet i ew busiess ad support a progressive divided paymet stream. The Board made a commitmet to a divided of 8.0p per share i respect of FY 2013, ad to a progressive divided policy i subsequet fiacial years. Although ew busiess flows (ad therefore the ivestmet i ew busiess) are less tha aticipated for the reasos discussed above, the Busiess ad Fiacial Review reflects that the Group geerated a et 21.8m i cash flows to support divided paymets i respect of FY 2014 totallig 11.2m (2013: a et 13.8m to support divided paymets totallig 15.5m). A iterim divided of 3.40p per share was declared o 26 February A fial divided of 5.0p per share has bee proposed by the Board ad will be cosidered at the Aual Geeral Meetig o 6 November Whe the fial divided is paid at this level, these divideds will total 8.4p per share i respect of this fiacial year, i lie with our strategic commitmet. Hasard Global plc Report ad Accouts

10 Group Chief Executive Officer s Overview cotiued Gordo Marr Fiacial Performace Results for the year Fiacial performace is summarised as follows. A detailed review of performace is set out i the Busiess ad Fiacial Review o pages 16 to 27. New busiess sales - Compesatio Credit Uderlyig IFRS profit after tax IFRS profit after tax EEV operatig (loss) / profit after tax (6.6) 11.7 EEV at 30 Jue IFRS results Fees ad commissios have icreased by 4.2% or 2.4m over FY The icreased level of fee icome i this fiacial year is largely as a result of those cotracts issued i the last few years which are ow cotributig to reveue streams for a full fiacial year. The stregtheig of sterlig durig the year agaist those foreig currecies i which cotract fees are deomiated has however restricted the growth of reported fee icome. The Group has bee successful i haressig the results of process efficiecies. Primarily as a result of trasferrig the admiistratio of Hasard Europe s cotract servicig activities to the Isle of Ma, at 30 Jue 2014, admiistrative headcout is 206, a reductio of 35 people over the last 2 years. The associated expese savigs i this fiacial year have however bee outweighed by the effects of a small umber of exceptioal items; the provisios of 5m agaist potetial liabilities i relatio to the settlemet of the CEC issues; litigatio settlemets of 0.7m (2013: 1.6m), ad by the charge of 0.7m (2013: 0.4m) take i relatio to the closure of Hasard Europe to ew busiess. After recogisig those exceptioal items, which total 6.4m (2013: 2.0m), IFRS profit after tax for the year is 8.3m, a reductio of 20.2% from the profit of 10.4m i Without those exceptioal items the uderlyig IFRS profit after tax was 14.7m (2013: 12.4m). 8 Hasard Global plc Report ad Accouts 2014

11 Strategic Report EEV results Durig the year, the Group has ivested sigificat resource i the developmet ad implemetatio of its ew strategy, while at the same time maagig the expeses of supportig its existig busiess. Cash flows have remaied strogly positive. As metioed above, sales were reduced by approximately 50% as a result of the loss of a key distributor ad the closure of Hasard Europe to ew busiess. The plaed product redesig (part of the refreshed strategy) was implemeted o time, but the ature of the Group s distributio cycle is such that sales of the ew product rage would ever build sufficietly quickly to replace the busiess lost i this fiacial year. The result was a EEV ew busiess cotributio of 3.3m (2013: 22.5m). I the light of low ew busiess, this year s EEV result has bee drive predomiatly by the stregtheig of sterlig agaist those currecies that are favoured by the Group s cotract holders, ad deterioratig policy experiece that has bee icorporated i our expectatios of future reveues. The high level of sterlig at 30 Jue 2014 drove a reductio i EEV of 17.5m (2013: 1.6m icrease), more tha offsettig ivestmet gais of 9.7m (2013: 6.2m icrease). The scale of this impact reiforces the iteratioal ature of the Group s busiess ad, for EEV reportig purposes, the impact of foreig exchage rates. Ivestmet retur ad foreig exchage rates are geerally outside the Group s cotrol. The impact of experiece variaces ad operatig assumptio chages reduced EEV by 12.7m (2013: 9.7m decrease). The experiece variaces iclude the Chargeable Evet Certificate provisio of 5m referred to above: the assumptio chages reflect our decisio to subsidise credit card charges for all ew regular premium cotracts issued durig the year ad also deterioratig experiece of cotract holder behaviour. I particular we have cosidered the recet behaviour of those cliets itroduced by the Japaese distributor: premiums o this busiess cotiue to be received. Followig the paymet of divideds of 11.2m (2013: 15.5m), the Group s EEV is 203.8m at 30 Jue 2014 (30 Jue 2013: 225.7m). Capitalisatio ad Solvecy Our key fiacial objective is to esure that the Group s solvecy is maaged safely through the ecoomic cycle to meet the requiremets of regulators, cotract holders, itermediaries ad shareholders. The Group is well capitalised. The required miimum solvecy margis are covered 12 times (2013: 12 times) by our capital resources, which are typically held i a wide rage of deposit istitutios ad i highly-rated moey market liquidity fuds. This prudet ivestmet policy for shareholder assets has removed much of the market risk ad provided a stable ad resiliet solvecy positio over recet years. We recogise that Hasard Europe s capital surplus is ot available for distributio i the foreseeable future. It is therefore icluded withi the total of Required Capital of 25.1m i the aalysis of the Group s EEV balace sheet at 30 Jue Allowig for this, the EEV balace sheet reflects that the Group has a free surplus of 28.3m available for ivestmet ad distributio, a icrease of over 40% sice 30 Jue Our People The Group has a dedicated dyamic workforce. We have a commitmet to service ad quality at the highest level i relatio to the developmet of successful products, servicig, distributio mechaisms ad Hasard OLie. I thak them all for their cotiued commitmet to Hasard. I am sure that our employees will cotiue to meet the strategic challeges facig us. G S Marr Group Chief Executive Officer 24 September 2014 Hasard Global plc Report ad Accouts

12 Our Busiess Model ad Strategy Hasard is a specialist log-term savigs provider that has bee providig iovative fiacial solutios for iteratioal cliets sice We focus o helpig fiacial advisors ad istitutios to provide their cliets (idividual ad corporate ivestors) with savigs ad ivestmet products i secure life assurace wrappers to meet log-term savigs ad ivestmet objectives. The Compay s head office is i Douglas, Isle of Ma, ad its pricipal subsidiaries operate from the Isle of Ma ad the Republic of Irelad. Hasard Iteratioal Limited is regulated by the Isurace ad Pesios Authority of the Isle of Ma Govermet ad has a brach i Malaysia, regulated by the Labua Fiacial Services Authority, to support busiess flows from Asia growth ecoomies. Hasard Europe Limited is regulated by the Cetral Bak of Irelad. Hasard Europe ceased acceptig ew busiess with effect from 30 Jue Our products are desiged to appeal to affluet iteratioal ivestors, istitutios ad wealth-maagemet groups. They are distributed exclusively through idepedet fiacial advisors ( IFAs ) ad the retail operatios of fiacial istitutios. Our etwork of accout executives provides local laguagebased support services to fiacial advisors i key territories aroud the world, supported by our multi-laguage olie platform, Hasard OLie. 10 Hasard Global plc Report ad Accouts 2014

13 We admiister assets exceedig $1 billio for 528 fiacial advisor busiesses with over 40,000 cliet accouts i over 155 coutries Strategic Report Strategy Our aim is to be the preferred choice of distributors whe recommedig iteratioal savigs ad ivestmet products to their cliets. We have developed attractive products ad services ad will cotiue to improve them. We recogise that cliets are at the heart of our busiess ad, cosequetly, we must work hard to build log-term positive relatioships with them. We eed to become eve better at uderstadig, servig ad rewardig our cliets ad shareholders. We recogize that our visio ecompasses every part of our busiess. With the support of our maagemet ad employees we have idetified a rage of strategic objectives to meet this target ad are workig towards them. Through careful executio of our plas i each of the followig areas we ited to add sigificat scale to the busiess, o a more diversified basis, at acceptable levels of risk ad profitability. More log-term relatioships with distributors; Better value for cliets; A more visible profile i the market; Excellet cliet service; A motivated ad egaged workforce; Market-leadig OLie systems; ad Progressive divided policy. We have developed a rage of key performace idicators ("KPIs") that will demostrate progress towards these objectives. Sice we have oly limited baselie metrics for some of these objectives, we will provide additioal appropriate reportig o those other objectives i future years. Products The Group s products are uit-liked regular or sigle premium life assurace ad ivestmet cotracts which offer access to a wide rage of ivestmet assets. Havig made a sigificat chage to our pricig model, to the beefit of the cliet ad distributor, a rage of ew products was lauched i Q The cotracts are flexible, secure ad held withi wrappers allowig life assurace cover or other features depedig upo the eeds of the cliet. The cotract beefits are directly liked to the value of those assets that are selected by, or o behalf of, the cliet ad held withi the wrapper. The Group does ot offer ivestmet advice. Cotract holders bear the ivestmet risk. The Group s products do ot iclude ay cotracts with fiacial optios ad/or guaratees regardig ivestmet performace ad, hece, ulike the situatio faced by may other life assurers, the Group carries o guaratee risk that ca cause capital strai. As a result of high levels of service, the ature of the Group's products, the fuctioality of Hasard OLie, ad the ability of the cotract holder to repositio assets withi a cotract, we expect to retai the cotract holder relatioship over the log term. Cotract holder servicig ad related activities are performed by Hasard Admiistratio Services Limited, which is authorised by the Isurace ad Pesios Authority of the Isle of Ma Govermet to act as a Isurace Maager to both Hasard Iteratioal ad Hasard Europe. Hasard Global plc Report ad Accouts

14 Our Busiess Model ad Strategy cotiued Reveues The mai source of icome for the Group is the fees eared from the admiistratio of the isurace cotracts. These fees are largely fixed i ature ad amout. Less tha 30% of the Group s reveues, uder IFRS, are based upo the value of assets uder admiistratio. The ew busiess geerated i a particular year is expected to ear icome for a average period of 14 years. Accordigly, with careful expese maagemet, this provides a healthy retur o the capital ivested i that busiess. Our busiess is therefore log term i ature both from a cotract holder perspective ad with regards to the icome that is geerated. From this icome we meet the overheads of the busiess, ivest i our busiess, ivest to acquire ew isurace cotracts ad pay icreasig divideds. Maagig Risk Our growth plas will mea that our operatioal risk profile will icrease across our busiess. We are ivestig i our system capabilities ad busiess processes to esure that we meet the expectatios of our cliets, comply with regulatio ad mitigate the risks of loss or reputatioal damage from operatioal risk evets. We cotiue to maitai a robust, low risk balace sheet ad, while markets have improved over the last few years, we still believe this to be appropriate to meet the requiremets of regulators, cotract holders, itermediaries ad shareholders. This prudet ivestmet policy for shareholder assets has removed much of the market risk ad provided a stable ad resiliet solvecy positio over recet years. The pricipal risks facig the Group are those which are iheret i our busiess model ad to the eviromet withi which we operate. The regulatory eviromet cotiues to evolve ad our risk framework will have to respod to a umber of developmets i future, icludig: Solvecy II, which is scheduled for implemetatio o 1 Jauary 2016, will impose additioal costs ad reportig o Hasard Europe; The Isurace ad Pesios Authority of the Isle of Ma Govermet has outlied its timetable for sigificat chages to the regulatory framework, which will impact o Hasard Iteratioal; ad The implemetatio of FATCA ad related regulatios which will impact o the etire busiess. 12 Hasard Global plc Report ad Accouts 2014

15 Strategic Report Hasard OLie Ehacig cliet service Our visio is to develop a more itimate ad rewardig olie experiece for our cliets ad IFAs. We are ivestig i ew developmets that icrease our ability to provide a better service ad to better positio the Group to meet our cliets future eeds. For example, we are ehacig fuctioality to allow cliets to receive more iformatio ad more cotet i a electroic format. Our goal is to provide cliets with a olie 24/7 self-service model. Hasard OLie ( HOL ) is key to our visio. HOL is the Group's olie platform providig secure access for itermediaries aroud the world, aroud the clock. Key cotet ca be preseted i 11 differet laguages helpig IFAs commuicate more effectively with their cliets. HOL is a valuable sales ad admiistratio tool that cotiues to be developed to meet the eeds of itermediaries ad their cliets. This has allowed the Group to reduce its operatioal expese base ad provide better positioig to achieve its log term strategic goals. OLie Accouts for cliets have bee refreshed recetly to ehace the look ad feel. This has improved usability. We pla to further improve usability for both the advisor ad cliet sites. Itermediaries will be supported with more market leadig sales ad admiistratio tools whilst cliets will see ehacemets such as the additio of trasactioal ad data maiteace utilities. Meetig cotract holders requiremets Secure commuicatios Through a OLie Accout cotract holders ca view all the documetatio ad commuicatios relatig to their cotracts. Over 15,000 OLie Accouts are accessed regularly with the umber of cliets choosig ot to receive hard copy post cotiuig to show a steady icrease. Ideed, 60% of cliet commuicatios are ow accessed exclusively olie. Local eeds i local laguages OLie Accouts display cotet i 11 laguages, customisable at log i or at ay time durig use via a laguage selectio tool. Paymet of premiums Premium paymets ca ow be better maaged olie via a credit ad debit card paymet ad reportig system. Work cotiues to further ehace ad build o this valuable fuctioality. Supportig itermediaries Secure iformatio Maagemet iformatio We have icreased the umber of reports available to the itermediary eablig a more efficiet maagemet of their book of busiess ad their workforce. The traditioal Keyfob supplied has bee supplemeted by a Virtual Keyfob. This ca be istalled o a laptop or desktop PC, tablet or smartphoe esurig that it is eve easier for itermediaries to log i wheever they eed to, wherever they are, while retaiig secure liks to Hasard. Ivestmet research fuctioality The Uit Fud Cetre is a iteractive research applicatio that allows a itermediary to filter the etire rage of Hasard uit fuds, based o a rage of specific criteria relevat to a cliet s objectives. A braded report ca the be produced detailig comprehesive fud performace ad holdigs data for their cliets. The ehaced versio of the applicatio has icreased fuctioality ad more robust uderlyig data. Hasard Global plc Report ad Accouts

16 Our Busiess Model ad Strategy cotiued Olie processig Pre-sale illustratios Reducig Operatioal risk Straight-through processig Our multi-laguage, feature rich olie illustratios system is desiged to allow itermediaries to better demostrate projected returs to cliets. Usage cotiues to grow with a average of 200 illustratios geerated per week. Plaed ehacemets will see icreased usability, with a goal of streamliig the pre-sales process. Olie processig of ew busiess applicatios Over 90% of all ew busiess applicatios are received via HOL. Popularity of this fuctioality cotiues to icrease with Olie New Busiess beig see as a key advatage by ew itermediaries. The straight-through processig of ivestmet istructios (whether received from cotract holders or through their appoited agets) reduces the Group s operatioal risk exposures, as does the ability of the Group to commuicate electroically with itermediaries ad cliets, irrespective of geographical boudaries ad time zoe limitatios. Admiistrative efficiecies Hasard OLie is a vital compoet of the revised Operatig Model for Hasard Europe, meetig the eeds of that compay s regulators, cliets ad itermediaries while allowig more efficiet maagemet of operatios from the Isle of Ma. Olie processig of ivestmet trasactios The majority of fud advisors ow submit cotract-related ivestmet chages olie with over 90% of advisor istructios ow beig keyed via this mechaism. A facility to allow fud advisors to trasact i aggregate throughout their cliet rage has bee released. With the itroductio of these ew systems the actual umber of switches has doubled which shows that our itermediaries fid olie fud switchig to be a efficiet ad much valued service. Selected cotract holders ow have the fuctioality to perform their ow ivestmet chages olie allowig them to better meet their ivestmet objectives. This utility will be rolled out to all relevat cliets i due course. 14 Hasard Global plc Report ad Accouts 2014

17 Key Performace Idicators Strategic Report Key Performace Idicators The Group s seior maagemet team moitors a wide rage of Key Performace Idicators, both fiacial ad o-fiacial, that are desiged to esure that performace agaist targets ad expectatios across sigificat areas of activity are moitored ad variaces explaied. Idicators reflectig operatioal performace have bee ehaced followig the lauch of the Group s Strategic Pla ad will be icorporated i future reportig. The followig is a summary of the key idicators that were moitored durig the fiacial year uder review. New Busiess The Group s prime idicator of calculatig ew busiess productio, Compesatio Credit ( CC ), idicates the relative value of each piece of ew busiess ad is used, therefore, i the calculatio of commissio payable to itermediaries. Icetive arragemets for itermediaries ad the Group s Accout Executives icorporate targets based o CC. Issued CC for years eded 30 Jue New busiess levels are reported daily. The Group s objective remais to grow ew busiess at a rate of 10% - 15% per aum o this measure over the medium term. As is reported elsewhere i this Report ad Accouts, ew busiess flows have falle by approximately 50% sice the prior year. Strategic plas implemeted durig the year are iteded to support sales growth. Expeses The Group maitais rigorous focus o expese levels ad the value gaied from such expediture. The objective is to develop processes to restrai icreases i admiistrative expeses to the rates of iflatio assumed i the chargig structure of the Group s policies. The Group s admiistrative ad other expeses for the year, before HMRC settlemet, litigatio settlemets ad closure costs, of 19.5m, were 6% below the 21.1m of the previous fiacial year. Group Admi ad other expeses for year eded 30 Jue Cash Bak balaces ad sigificat movemets o balaces are reported weekly. The Group s liquid fuds at the balace sheet date were 78.5m (2013: 67.2m). The chage demostrates predomiatly that VIF cotiues to be recouped i cash, although reduced ew busiess levels have preveted profitable ivestmet of the surplus durig the year. Shareholder cash at 30 Jue Busiess cotiuity Maiteace of cotiual access to data is critical to the Group s operatios. This has bee achieved throughout the year through a robust ifrastructure. The Group is pro-active i its cosideratio of threats to data, data security ad data itegrity. Busiess cotiuity ad peetratio testig is carried out regularly by iteral ad exteral parties. Risk profile The factors impactig o the Group s risk profile are kept uder cotiual review. Seior maagemet review operatioal risk issues at least weekly. The sigificat risks faced by the Group are summarised later i this Strategic Report o pages 32 ad 33. Hasard Global plc Report ad Accouts

18 Busiess ad Fiacial Review New Busiess flows for the year eded 30 Jue 2014 Strategy Developmet Hasard OLie The Group has access to a large portfolio of distributors who kow that our combied efforts ca meet the eeds of cotract holders aroud the world. Throughout this fiacial year we have completed a thorough review, with the assistace of exteral professioal resources, of the sales ad marketig operatios of the Group. As a result we have implemeted a rage of strategic ad tactical adjustmets to better diversify ew busiess flows ad icrease the scale of our busiess. I Q the Group hosted a umber of activities i target markets to lauch its Strategic Pla ad ew products. Various lauch evets took place i Lati America, the Far East, the Middle East ad Africa. These evets have bee supported by other local market developmet activities which have geerated cosiderable iterest amog Idepedet Fiacial Advisors ad cotract holders aroud the world ad will provide a platform for sustaiable diversified ew busiess flows i the medium term. We have lauched a series of promotioal iitiatives i trade jourals i our target markets outliig our stregths ad the value of our propositio to itermediaries ad their cliets. Strategic iitiatives These iitiatives impact upo the whole of the Group s busiess, its cliets ad other stakeholders. Policyholders ad Product The Group has developed a rage of savigs ad ivestmet products that are desiged to allow us to access busiess more successfully i a umber of target markets, havig made a sigificat chage to our pricig model, to the beefit of the cosumer ad distributor. Distributio The Group cotiued egotiatios with a umber of well-established distributors, icludig brokers, expatriate IFAs, isurers ad private baks ivolved i both expatriate ad local markets aroud the world, some of which are drawig to a successful coclusio. Our mai aim is to build log-term relatioships with our distributors i key markets with growig ecoomies ad high cocetratios of wealth. Sice we bega buildig the base for our ew distributio strategy, we have added 33 ew quality terms of busiess addig well over 200 ew brokers to our available distributio i target markets. As reported o page 13 we believe that Hasard OLie is a very powerful resource ad have committed to cotiually icrease accessibility ad fuctioality. Resources The Group s propositio is to develop ad ehace relatioships with policyholders ad itermediaries through the use of our people, products ad techology i a way that meets shared objectives. We have already started to restructure ad refocus our sales force ad have recruited a umber of highly experieced Accout Executives, primarily to focus o the Far East, the Middle East ad the iteratioal expatriate market. We are lookig to expad further i other regios over the ext fiacial year as opportuities develop ad as suitable cadidates become available. We have also siged leases o larger offices i Malaysia ad Dubai to eable us to provide more extesive traiig capabilities to support our distributors. To help further focus our resources we have reorgaised our sales maagemet structure ito three regios, each headed by a Regioal Director; Lati America, Middle East & Africa ad Asia. New Busiess flows Followig the closure of Hasard Europe to ew busiess with effect from 30 Jue 2013, the ew busiess performace reported below is that of Hasard Iteratioal aloe. As ca be see, ew busiess sales for FY 2014 o all metrics are approximately half of the levels of the prior year. Basis Compesatio Credit Preset Value of New Busiess Premiums Aualised Premium Equivalet Throughout the year the Group has cotiued to develop relatioships with fiacial advisors i a umber of target markets icludig the Far East, Lati America ad the Middle East. Followig its product lauches the Group has wideed the rage of target jurisdictios which will exted further as these ew jurisdictios start to become established. The Group s activity, supported by the itroductio of product-based icetive arragemets, the lauch of ew products, ad by ehacemets to Hasard OLie, has uderpied ew busiess flows i the year uder review. 16 Hasard Global plc Report ad Accouts 2014

19 Strategic Report I particular, the Group has further icreased its ivestmet i Malaysia to take better advatage of its licesed positio ad early sigs are positive sales of this year are some 33% above FY Followig the suspesio of activities by a large distributio etwork i Japa i Q2 2014, the Group has suspeded acceptig ew busiess from Japaese residets. As a cosequece, ew busiess emaatig from the Far East i the curret year is sigificatly reduced from the prior year, which was particularly strog. Preset Value of New Busiess Premiums ( PVNBP ) New busiess flows for Hasard Iteratioal o the basis of PVNBP are summarised as follows: New busiess margis Cotiued low volumes of ew busiess impact directly o the Group s ew busiess margis. Reduced volumes, coupled with the more competitive product desig ad other icetives i operatio durig the year, have resulted i margis of approximately 4.0% o the PVNBP basis for FY We expect these margis to remai at this level for the foreseeable future, although the margi is expected to be volatile i the short-term. The ew busiess margi will reflect sales volumes measured agaist the marketig fuctio platform costs that we have established as part of our refreshed strategy. As a result, the margi may be egative i the early part of the fiacial year, movig towards target as the year completes. % PVNBP by product type chage Regular premium (57.8)% Sigle premium (8.5)% (51.8)% % PVNBP by regio chage Lati America (11.8)% Far East (68.6)% Rest of World (24.6)% EU ad EEA (29.4)% (51.8)% We cotiue to receive busiess from a diverse rage of fiacial advisors aroud the world. Our focus o growth markets is reflected i the proportios of cotractual premiums deomiated i US dollars while the reductio i Japaese Ye flows i the table below demostrates the effect of the suspesio of Japaese busiess. Comparative figures i this table have bee restated to show oly currecy flows relatig to cotracts issued by Hasard Iteratioal Limited i FY Currecy deomiatios % % (as a percetage of PVNBP) US dollar Japaese Ye Sterlig Euro Other Hasard Global plc Report ad Accouts

20 Busiess ad Fiacial Review cotiued Results uder IFRS Presetatio of Fiacial Results Our busiess is log-term i ature. For this reaso we preset the results o a EEV basis i additio to the statutory IFRS basis. We believe that EEV is a valid measure of profitability ad shareholder value. Our embedded value is based o the EEV priciples which were set out as a idustry stadard by the Chief Fiacial Officers (CFO) Forum i The profit that the Group expects to ear from the issue of a isurace cotract is the same, irrespective of the basis of measuremet, however: The EEV result is a discouted cash flow valuatio of the future profits expected to emerge from the curret book of isurace cotracts ad provides a more complete recogitio of maagemet s activity throughout the fiacial year. It demostrates the expected emergece of shareholder cash over the log term, by reflectig the et preset value of the expected future cash flows. The IFRS methodology smoothes recogitio of profit from ew busiess by spreadig the iitial costs (ad reveues) evely over the life of the busiess. The IFRS result therefore, reflects either the future shareholder value added, or the cash impact of the ew busiess i a particular year. Results for the year The followig is a summary of key items to allow readers to better uderstad the results for the year. A small umber of comparative figures have bee restated i this sectio to esure cosistecy of presetatio. After recogisig the exceptioal items referred to below, IFRS profit after tax for the year is 8.3m (2013: 10.4m). Abridged cosolidated icome statemet The cosolidated icome statemet preseted uder IFRS reflects the fiacial results of the Group s activities durig the year. This icome statemet however, as a result of its method of presetatio, icorporates a umber of features that might affect a uderstadig of the results of the Group s uderlyig trasactios. This relates pricipally to: Ivestmet icome, gais ad losses relatig to the assets admiistered by the Group to back its liability to cotract holders. These assets are selected by the cotract holder or a authorised itermediary ad the cotract holder bears the ivestmet risk. Ivestmet gais durig the year attributable to cotract holder assets were 7.3m (2013: 73.4m losses). Fud maagemet fees paid by the Group to third parties havig a relatioship with the uderlyig cotract. While fud maagemet fees paid are properly recorded i the cosolidated icome statemet uder IFRS, the disclosure distorts results compared with a uderstadig of the Group s ow etitlemet to fud maagemet fees ad ay requiremet to pay such fees for services redered i respect of the Group s ow assets. I the curret year third party fud maagemet fees attributable to cotract holder assets were 4.3m (2013: 4.3m). These are reflected i both icome ad expeses uder the IFRS presetatio o page 56. A abridged cosolidated icome statemet i relatio to the Group s ow activities is preseted o the facig page, excludig the items of icome ad expediture idicated above. Durig the year the Group implemeted the revised Operatig Model for Hasard Europe ad has bee successful i haressig process efficiecies ad reducig admiistrative headcout, as plaed. The beefits of these savigs have bee outweighed by the provisio of 5m i relatio to potetial liability ad related professioal costs for the breaches of CEC regulatios; the effects of litigatio settlemets of 0.7m (2013: 1.6m) ad by the charge of 0.7m (2013: 0.4m) take i relatio to the closure of Hasard Europe to ew busiess. Prior to those exceptioal items totallig 6.4m (2013: 2.0m) the uderlyig IFRS profit was 14.7m before taxatio compared with a uderlyig profit of 12.7m i FY 2013, as ca be see below. 18 Hasard Global plc Report ad Accouts 2014

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