The figures were down from £4.8bn and £1.5bn respectively in 2021.

Despite that, Paul Thompson, chief executive of Utmost Group, said it had been a “successful year for the Group.”

He said that “high client retention rates have contributed to our strong net flows figure of £1.3bn.”

Utmost International's assets under administration were £51.9bn at year end 2022, down compared to the year end 2021.

The group said the lower figure was driven by lower market values for all asset classes.

But the situation looked more position in recent months with asset valuations showing signs of recovery in Q4 2022 and early in 2023 with global equity markets recovering some of the losses of earlier periods and increased stability in investment markets.

Mr Thompson said: “Longer-term sectoral trends are supportive of our continued business growth, with increasing demand for robust, transparent investment and savings products.”

He said the Utmost Group “remains well placed to capitalise on our existing strong market position.”

Utmost Group has been on the expansion trail in recent years and acquired Quilter’s cross-border platform Quilter International in November 2021 for £480m to add to Utmost’s International arm.

Mr Thompson said: “Our strong relationships with our partners have demonstrated continuity through the integration of Quilter International which is reflected in our robust sales, and strong performance in our growth markets in Europe and Asia.”

Utmost Group’s principal businesses are Utmost International and Utmost Life and Pensions, which together hold more than £57bn assets under management for around 530,000 customers.

The Group will announce its full year results for 2022 in late April 2023.