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Pensions & Retirement

Utmost sells bulk purchase annuity arm to JAB Insurance

Utmost has agreed to sell its UK bulk purchase annuity business to JAB Insurance in a move to sharpen its focus on global wealth solutions.

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Utmost sells bulk purchase annuity arm to JAB Insurance
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Utmost Group plc has agreed to sell its bulk purchase annuity business, Utmost Life and Pensions, to JAB Insurance, subject to regulatory approval.

The transaction includes the entire Utmost Life and Pensions business, representing more than £5bn in assets and around 175 employees, and is expected to complete by mid-2026.

Utmost Life and Pensions is the group’s UK-focused life and pensions business and entered the bulk purchase annuity market in late 2024.

Since launch, the business has completed 11 full buy-ins totalling £311m, building a foothold in the BPA sector by drawing on Utmost’s experience in closed-book insurance operations.

Utmost said the sale reflects a strategic decision to focus fully on its market-leading insurance-based wealth solutions business.

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Proceeds from the disposal will be used to repay outstanding bank debt related to the acquisition of Lombard International, with remaining funds allocated to general corporate purposes.

Paul Thompson, group CEO at Utmost Group, said: “The sale of Utmost Life and Pensions marks an important milestone in our long-term strategy.

“This divestment will enable us to sharpen our focus on our market-leading wealth solutions business. We are committed to capitalising on the strong structural growth drivers within the wealth market and responding to the increasing demand for our multi-jurisdictional solutions.”

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He added: “The decision to sell Utmost Life and Pensions which has built a strong reputation and delivered exceptional value to its customers was made after careful consideration.

“Under JAB Insurance’s ownership, I am confident that Utmost Life and Pensions will continue to thrive and excel in the competitive BPA market.”

Andrew Stoker, CEO of Utmost Life and Pensions, said the transaction marked a new phase for the business.

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“The acquisition by JAB Insurance signifies an exciting new chapter for Utmost Life and Pensions. Under Utmost, we have built a competitive and successful business that is establishing itself in the attractive BPA sector and it is clear that JAB Insurance shares our vision for the future.”

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He added: “With their support and resources, we will be well-positioned to accelerate growth and deliver greater value to our customers.

“We look forward to building on the strong foundation that we have established as a part of Utmost and reaching new milestones as part of JAB Insurance.”

Anant Bhalla, executive chairman of JAB Insurance, said: “We look forward to welcoming the Utmost Life & Pensions business and all its policyholders into the JAB Insurance family.

“This acquisition is consistent with our strategy to enter the most attractive global insurance markets where we can bring our permanent capital alongside differentiated capabilities across the value chain.”

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He added: “ULP provides a strong foothold in the UK market, which fits nicely with JAB Insurance’s long-term investment horizon.

“We intend to support the leadership team to ensure a seamless process through deal completion and beyond, and to make ULP a significant solution for long-term financial security for UK policyholders.”

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