Hansard Global is taking "a number of actions to improve new business levels", it said in a new business results statement for the six months ended 31 December 2021.
New group business for Q2 2022 (the three months ended 31 December 2021) was £33.5m in PVNBP ("Present Value of New Business Premiums") terms (Q2 2021: £42.1m, Q1 2022: £31.4m).
New business for H1 2022 was £64.9m (H1 2021: £76.3m), while assets under administration were £1.23bn at 31 December 2021 (30 June 2021: £1.22bn).
Group chief excutive Graham Sheward said: "We continue to make good progress towards the successful launch of Hansard's new product with our chosen distribution partner in Japan, against the background of current pandemic restrictions in that country.
"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 have been declared in several regions recently. 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."