Long-term savings provider Hansard Global reported new business levels for the group were £30.9m ($40.7m, €37m) for the firm’s fiscal third quarter ending 31 March 2022.
This marks a drop from the £33.5m in Q2 2022 and a sharp fall from the £47.3m reported in Q3 2021.
New business levels for the nine months to 31 March 2022 (YTD) were £95.8m, compared with £123.6m during the same period the previous year.
Assets under administration dropped to £1.17bn at the end of Q3 2022, from £1.23bn at 31 December 2021.
It its H1 2022 (1 July 2021 – 31 December 2022) results, Hansard had already reported a 15% drop in new business levels – to £64.9m from £76.3m in H1 2021 – which the firm attributed to a “challenging backdrop”.
But the group said it continues to work with its prospective Japanese distribution partner as it’s focused on unveiling a product in the country.
Graham Sheward, group chief executive of Hansard Global, said: “As our targeted region of Japan remains under covid-19 restrictions with increased case counts, we continue to work with our local distribution partner towards a suitable launch date.
“We also continue to take vigorous action 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 other suitable territories around the world.
“In addition to the new initiatives mentioned in our previous quarterly trading update, we have recently recruited two experienced executives into our sales and business development team in order to assist the delivery of this growth.”
