23. Investments in associates
| 2022 US$m | 2021 US$m | |
| At 1 April | 128 | 123 |
| Differences on exchange | (6) | 6 |
| Share of loss after tax | (3) | (2) |
| Dividends received | (13) | (17) |
| Impairment charge | (25) | — |
| Reversal of previous impairment charge | — | 23 |
| Reclassification as trade investment | (42) | — |
| Disposals | (6) | (5) |
| Transfer in respect of assets held-for-sale (note 42) | (29) | — |
| At 31 March | 4 | 128 |
On 4 February 2022 Vector CM Holdings (Cayman) L.P., an associate undertaking, completed a merger with the CM Group involving its Cheetah Digital business. As a result of the merger, the Group no longer has significant influence over Vector and accordingly our interest in this company has been recognised as a trade investment from that date. We recognised a fair value gain on the associate disposal of US$95m and the promissory note and associated interest due to Experian of US$110m were also repaid.
As a result of recent geopolitical tensions we no longer have significant influence over our Russian associate United Credit Bureau, and have accordingly recognised a disposal, writing off our investment, recording a loss of US$17m.
The Group has reclassified a UK associate as held-for-sale, and the carrying amount has been written down by US$25m.
In the year ended 31 March 2021, the Group disposed of its 18.6% interest in Finicity Corporation for US$127m, recognising a gain on disposal of US$120m after costs. In addition, a previous impairment charge of US$23m was also reversed in the year ended 31 March 2021, following favourable trading performance.
The impairment charge, impairment reversal and the gain on disposal are reported within non-benchmark items in the Group income statement.