In a significant move that signals a strategic recalibration within the European insurance landscape, Utmost Group has officially entered into an agreement to divest its entire bulk purchase annuity (BPA) business, Utmost Life and Pensions (ULP), to JAB Insurance. The comprehensive deal, which is currently pending regulatory clearance and anticipated to close by the middle of 2026, involves the complete transfer of the ULP business operations. This includes its substantial asset portfolio valued at over £5 billion and its dedicated workforce of approximately 175 employees. While the financial terms of the transaction were not publicly disclosed, the sale represents a pivotal moment for both organizations, setting the stage for new strategic directions. The acquisition marks JAB Insurance’s decisive entry into a competitive market sector, while allowing Utmost Group to sharpen its corporate strategy and reallocate capital towards its core growth areas in the global wealth management sphere.
A Strategic Pivot Toward Global Wealth Solutions
The decision by Utmost Group to sell its pension division is a calculated step in a broader strategic realignment designed to concentrate the company’s resources and capital exclusively on its global insurance-based wealth solutions platform. According to company leadership, this divestment is a critical milestone that will enable the firm to more effectively pursue long-term growth opportunities. These opportunities are largely driven by favorable demographic trends and a rising international demand for sophisticated, multi-jurisdictional wealth planning and insurance products. Utmost Group CEO Paul Thompson emphasized that this move allows the company to double down on its primary strengths and market differentiators. Furthermore, the proceeds generated from the sale are earmarked for a specific and significant financial objective: the repayment of bank debt that was incurred during Utmost’s prior acquisition of Lombard International. This deleveraging will strengthen the company’s balance sheet and provide greater financial flexibility for future investments in its core wealth solutions business.
New Ownership and a Vision for Growth
For JAB Insurance, the acquisition of Utmost Life and Pensions provided a strategic and substantial entry point into the highly attractive UK bulk purchase annuity market. This move aligns perfectly with JAB’s core investment philosophy, which targets insurance sectors demonstrating strong, sustainable long-term growth potential. JAB’s executive chairman, Anant Bhalla, affirmed the company’s full commitment to supporting the existing ULP leadership team, ensuring a seamless transition for all policyholders and employees. From the perspective of ULP, the acquisition signaled the beginning of a promising new phase for the business. Despite being a relatively recent entrant into the market in late 2024, ULP has already established a competitive franchise, successfully completing 11 buy-in transactions and building a solid reputation. ULP’s CEO, Andrew Stoker, expressed confidence that JAB Insurance shares the division’s ambitious vision for growth and would provide the necessary resources and strategic support to accelerate its development and enhance outcomes for its customers.
