Utmost International today (27 February) reported a 5% rise to £54.6bn in assets under administration for the full year to 31 December 2023 compared to 2022.

It said there were "robust gross inflows of £3.6bn in 2023 against a macroeconomic and inflationary backdrop that continued to dampen consumer sentiment (2022: £4.2bn)".

However, net flows for the year were £(0.6)bn (2022: £1.3bn) which Utmost said were primarily driven by an increase in surrenders and withdrawals.

The gross AUA figure was driven by higher market values as global equity and bond markets rallied towards the latter part of the year.

Annual Premium Equivalent (APE) was £349m (2022: £397m) "reflecting management actions to preserve quality and to protect margin in an environment where adviser activity across the market has remained muted and competition intense".

Paul Thompson (pictured), Utmost Group chief executive officer, said:  “I am pleased with the solid results that we have reported in a year characterised by macroeconomic challenges and geo-political volatility.

"Gross inflows remained resilient which is testament to our strong distribution partner relationships, competitive product offering and the ongoing demand for transparent investment and savings products.

“We remain positive about the outlook for 2024 as market pressures start to ease and consumer confidence looks to improve.

"We continue to see significant opportunities for growth in Europe as the business builds on the momentum from last year through the expansion of both distribution channels and proposition offerings in our key markets.

He continued: "Our core UK business, restrained by market and consumer pressures in 2023, is aiming to capitalise on the increased volume of enquiries in anticipation of the upcoming national election.

“Across the Group, we remain focused on delivering on our strategy, deepening our relationships with our advisers and leveraging the expertise of our employees to deliver long term and resilient growth.”

Utmost further said it will announce its full year 2023 results in late April 2024.