Utmost Group offloads life and pensions arm to JAB Insurance

Utmost Group has sold its £5bn bulk purchase annuity (BPA) business to JAB Insurance to settle the debt from its Lombard International acquisition in 2024.

Utmost launched the the BPA arm, Utmost Life and Pensions (ULP), in late 2024 and has since completed 11 full buy-ins totalling £311m.

The deal will see ULP’s 175 employees transfer to JAB Insurance and is expected to complete by mid-2026.

Paul Thompson, Utmost Group CEO, said the divestment will enable the firm to focus on its 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,” he said.

“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: “It is clear that JAB Insurance shares our vision for the future. With their support and resources, we will be well-positioned to accelerate growth and deliver greater value to our customers.”

Anant Bhalla, executive chairman of JAB Insurance, added: “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.”