Utmost Wealth Solutions achieved strong inflows of £3.9bn in 2024, reflecting an improving quarterly trend in a "transformational" year and leading to an 8% increase on 2023, in its full year results for the year ended 31 December 2024.
In December 2024, Utmost Group plc completed its acquisition of Lombard International, adding £45bn in Assets under Administration and bringing together two large-scale insurance-based wealth solutions businesses, strengthening Utmost’s position in key European markets and providing a strong platform to serve its clients’ long-term financial needs.
At year end 2024, Utmost Wealth Solutions had £103.5bn in AUA, an increase of 6% on a proforma basis from the prior year comparator.
Including Lombard on a proforma basis, UWS delivered £6.8bn of inflows in 2024, a 6% increase from prior year (2023: £6.4bn), reflecting an improving macroeconomic environment which resulted in strong inflows, particularly in
H2 2024.
Operating profit decreased by 10% from the full year 2023 result, "primarily driven by the absence of foreign exchange gains experienced in FY23 that have not reoccurred offset by higher returns on shareholder assets".
Citing a strong outlook for 2025 underpinned by its "enhanced global market-leading wealth solutions business" and a
"healthy BPA pipeline providing clear growth opportunity for our UK business", Utmost further highlighted its "well capitalised and resilient business model adept at delivering stable returns and navigating macroeconomic uncertainty".
CEO Paul Thompson (pictured) said: “2024 has been a milestone year for the Group, having delivered significant strategic
initiatives in both our International and UK businesses. At Utmost, we have always prided ourselves on our level of ambition, and this year was no exception.
"The acquisition of Lombard International and our entry into the UK’s BPA market significantly enhances the Group’s scale, footprint and access to new markets, providing the business with a strong pipeline of opportunities with which to deliver long-term resilient growth.
“Our 2024 results reflect our strong year, with our wealth solutions business surpassing over £100bn in Assets under Administration and recording £6.8bn in proforma inflows. Across our broader KPIs, we delivered strong, stable results in a year influenced by the acquisition of Lombard International, macroeconomic challenges and continued geopolitical uncertainty.
“Our acquisition of Lombard International – our largest to date – has significantly strengthened our net Solvency II EV, taking the Group beyond the £2bn marker and signifying the Group’s enduring value. It has served to firmly establish our leadership position in the insurance-based wealth solutions market and, while the macroeconomic horizons continue to be uncertain, we remain confident that we have the long-term financial strength and resilience to excel.”
