Hansard Labuan

Labuan

19th January 2009

Hansard Global, the specialist long-term savings provider, announces that its subsidiary, Hansard International Limited, has established a new life assurance branch in Labuan, an island administered by the Federal Government of Malaysia.

The new branch, Hansard International Limited Far East, is part of Hansard Global’s strategy to expand and diversify its business in the Far East region, and further positions the Company as a leading provider of investment solutions to intermediaries supported by its award-winning technology platform, Hansard OnLine. The Labuan branch will provide a number of key benefits to the Company, including:

• Improving proximity to existing intermediaries in the region, and the ability to use the base to focus on developing and training intermediaries;
• Increasing access to new intermediaries and policyholders; and
• Providing medium to long-term savings in servicing costs.

The new branch has been issued a licence by the Labuan Offshore Financial Services Authority (“LOFSA”). The Group’s distribution arm, Hansard Development Services Limited, has also established a subsidiary in Labuan, Hansard Development Services (Asia Pacific) Limited, which is also licensed by LOFSA.

LOFSA has implemented a number of policies that facilitate the creation of a competitive and attractive business environment in Labuan. These have not only confirmed Labuan’s standing as a reputable offshore financial centre, but also have created a business-friendly environment in which to operate.

Joseph Kanarek, Hansard Global’s Chief Distribution Officer, commented: “The Labuan branch and licence provides Hansard with an excellent channel for new business distribution in the Far East, providing access to existing intermediaries and giving opportunities to source and train new ones. We regard Hansard’s far-ranging network of intermediaries as one of our core strengths. This move supports its expansion in the Far East.”