Long-term savings provider Hansard Global reported new business levels for the group were £64.9m ($86.6m, €77.9m) for the six months ending 31 December 2021.
This was down 15% from the £76.3m reported during the same period the previous year, on a present value of new business premiums (PVNBP) basis.
Profit before tax fell to £1.9m from £2.9m, which Hansard attributed to “a £1m provision against fees and other receivables following fair value impairments to a specific range of funds in liquidation”.
Fees and commissions were down slightly at £25.2m (£25.6m in H1 2021), but assets under administration ticked up to £1.23bn (£1.22bn in H1 2021).
See also: 8.2% drop in new business for Hansard
States of emergency
More broadly, Hansard said the external global environment and ability of its IFA distribution channel to grow new long-term savings business “continues to be challenging as covid-19 related restrictions and economic confidence fluctuate”.
Hansard secured a Japanese investment manager licence in June 2019 but has faced delays in putting its plans into action.
The company said: “We remain confident that our Japanese product will successfully launch when the environment improves in Japan and that it will produce long-term business growth for the growth.”
Group chief executive Graham Sheward, who was appointed in May 2021, commented: “Covid-19 continues to provide a challenging backdrop for our business and in particular for launching our new product in Japan, where new states of emergency were declared in several regions in January.
“We continue to work with our prospective distribution partner towards a suitable launch date in a positive and engaged manner.”
He added: “We are also taking a number of actions to improve new business levels both with respect to our traditional business and by progressing opportunities to deploy new products more widely in Japan and in other suitable territories around the world.”