Austock Life says management fees for its insurance bonds increased $445,000 to $3.4 million in the six months to December 31.

Total revenue was up $394,000 to $3.7 million in the half-year.

Sales totalled $2.5 million, up from $1.5 million in the corresponding period of 2014. This was partly offset by a $260,000 rise in total expenses to $4.6 million.

Adviser expenses increased to $1 million from $968,000.

The company recorded a pre-tax loss of $931,000 for the half, an improvement on the previous corresponding period’s $1 million loss.

A $1.1 million tax credit for the life office enabled Austock to declare an after-tax profit of $226,000 for the six months to December 31.

This compares with a $47,000 after-tax profit in the corresponding period of 2014.