Utmost International said in a statement today (27 February) it had achieved "robust" gross inflows of £4.2bn in 2022 against a "challenging macroeconomic and inflationary backdrop". (2021 Pro Forma: £4.8bn).
Net inflows for the year were £1.3bn, comparable to the £1.5bn pro forma figure in 2021, supported by high client retention rates, it reported.
Utmost International's assets under administration were £51.9bn at YE 2022, a decrease compared to the YE 2021 figure driven by lower market values for all asset classes.
Asset valuations have shown 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.
2022 Annual Premium Equivalent (APE) was £397m (2021 Pro Forma: £484m) reflecting the lower volume of new business in our established markets, which was offset by a strong sales performance in our growth markets.
Paul Thompson, CEO of Utmost Group, said: "I am pleased to announce resilient gross inflows of £4.2bn in 2022, rounding out a successful year for the Group. High client retention rates have contributed to our strong net flows figure of £1.3bn.
"These figures reflect the long-term benefits of our proposition to our clients. 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.
"Longer-term sectoral trends are supportive of our continued business growth, with increasing demand for robust, transparent investment and savings products. Utmost Group remains well placed to capitalise on our existing strong market position."
