Specialist long term savings provider Hansard Global said it won 13 per cent more new business in the second quarter of its financial year than in the first quarter.
But new business for the whole of the half year was down 47 per cent on the year following a Japanese distributor suspending operations in October.
The business is based in Lord Street, Douglas, and is a full FTSE listed company .
It has now announced plans to expand its range of single premium products.
The company said sales had fallen in the last six months of 2014, the first half of its 2015 financial year, dropping 47 per cent to £29.4m over the period, compared to the same period in 2013.
But this sharp drop is exaggerated by the termination of a lucrative distribution agreement in Japan in October 2013 after the distributor suspended operations. In the first three months of 2014, the regular premium new business brought in by the Japanese distributor was worth £10.9m.
In April last year, Hansard announced a strategy to turnaround its fortunes, with plans to build new distribution agreements and to penetrate into markets it had largely left untouched.
Part of this strategy saw it re-price some of its products and it now says it plans to extend its range of single premium products.
It said it experienced a particularly encouraging response in the Middle East and Africa, which accounted for £4 million of the present value of new business premiums in the half.
Chief executive officer Gordon Marr said the strategy should begin to yield results in the months ahead.
He said: ‘Since the launch of our strategic plan last year, we have entered into 53 new relationships with IFA networks,’ said Marr.
‘We anticipate that these new relationships will begin to deliver increased levels of profitable new business, and diversify our exposure across a range of distributors and countries, in the second half of the financial year.’
Hansard Global reports that: ‘Through the implementation of the Group’s strategic plan and the introduction of new products, the Group will be better placed to deliver increased levels of profitable new business, and diversify its exposure across a range of distributors and countries, in the second half of this financial year.’