Hansard Global saw new business levels fall for the group, on a Present Value of New Business Premiums (PVNBP) basis, to £64.9m for H1 2022 from H1 2021: £76.3m).

In a statement covering its results for the six months ended 31 December 2021, it further said IFRS profit before tax was £1.9m for the period, down from £2.9m in H1 2021.

All figures refer to the six months ended 31 December 2021 (H1 2022), except where indicated.

The IFRS profit fall "was primarily as a result of a £1.0m provision against fees and other receivables following fair value impairments to a specific range of funds in liquidation. 

"The impairment of fair value has reduced the likelihood of liquidation proceeds and therefore the recovery of amounts due to the Group. There are no further financial exposures relating to this fund range and any fees recoverable out of any future liquidation proceeds received will be recorded on a cash received basis."

Graham Sheward, group CEO said:  "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.

"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."

Fees and commissions earned totalled £25.2m for H1 2022 compared to £25.6m in H1 2021;

Assets under administration were £1.23bn as at 31 December 2021 (30 June 2021: £1.22bn);

Value of in-force as at 31 December 2021 was £140.6m (30 June 2021: £145.8m);

Contingent liabilities arising out of litigation in Hansard Europe were down 9% to £22.4m since 31 December 2021;

The Board declared an interim dividend of 1.8p per share (H1 2021: 1.8p).

"The Group has continued its investment in future growth initiatives across its product proposition and systems environment;

"The Group continues to work with its prospective Japanese distribution partner towards a suitable launch date, against the current challenging background of Covid-19 in Japan."