Utmost has reported the growing value of its new business and assets under administration despite challenging market conditions, while advancing its growth ambitions through the proposed acquisition of Lombard International.
Strong growth saw VNB grow by 19% from HY 2023 to £25m, "following increase in VNB margin and reflecting ongoing focus on quality", the international life and financial services business said in the half year 2024 results to 30 June 2024.
Assets under Administration remained strong, with a 3% increase to £64.7bn from FY 2023, supported by positive market movements.
The period also saw a rating upgrade to the Group’s Issuer Default Rating (IDR) and Insurer Financial Strength (IFS) Ratings from ‘A-‘ to ‘A’ and ‘A’ to ‘A+’ respectively, plus robust Group Solvency Coverage Ratio of 209% at 30 June 2024.
Utmost Group CEO Paul Thompson (pictured) said: “In the first half of 2024 we have continued to drive forward with our growth ambition to establish Utmost as a leading provider of insurance and savings solutions. We have made strides in delivering our strategic ambitions, with the announcement of the proposed acquisition of Lombard International, whilst building the strong foundations needed to be a long-term partner to our clients.
“Market conditions continue to present challenges with positive macroeconomic data dampened by the ongoing global political uncertainty. Despite this, we recorded growth in our AUA and VNB, reflecting our ongoing commitment to writing profitable new business.
“Our organisation is in a strong position and as I look ahead, I am confident that we will continue to execute on our strategic intent.”
