Utmost Life and Pensions completes Equitable Life transfer

Pedro Gonçalves
clock • 1 min read

The start of the new year saw the end of Equitable Life after a deal to buy the remaining business of the world's oldest member-owned insurance group was completed on New Year's Eve. At midnight, its policyholders transferred to Utmost Life and Pensions after most of them accepted an offer of £9,000 each on average in return for giving up guarantees on the value of their contracts. Utmost agreed to buy Equitable's remaining business in June 2018 for £1.8bn- a deal that covers more than 300,000 policyholders and £6bn in assets. However, it has taken 18 months to win the approval of pol...

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