Utmost Group, which aims to complete the purchase of Quilter International by the end of this year, unveiled assets under administration of £36.7bn at 31 December 2020, compared to £30.1bn at the end of 2019 on the back of the Equitable Life acquisition and strong market performance.
In the 2020 full year results statement today (28 May), Utmost also reported annual premium Equivalent (APE) at £180m in 2020 compared to £173m in 2019, which it attributed to its sales and marketing terms working closely with distribution partners despite the challenge of being unable to meet in person for most of the year.
Operating profit was £85m in 2020 compared to £87m in 2019. In 2020 just over half of the Group's operating profit was contributed by Utmost Life & Pensions with the remainder from Utmost International.
The Group entered 2021 with the confidence to pursue a significant acquisition in Quilter International."
It further highlighted that in April 2021 the proposed acquisition of Quilter International was announced, which will add £22bn of assets under administration and 90,000 policies to Utmost International.
At the time, International Investment got extensive reaction from seasoned industry observers to this move.
"It confirms Utmost International's position as a leading global provider of international life assurance. The transaction is expected to complete by year end 2021", Utmost said in today's statement.
In October 2020 the group reorganised so that its two businesses, Utmost International (UI) and
Utmost Life and Pensions (ULP), were brought together under a single UK holding company, Utmost Group Limited, with one strategy and one brand.
Paul Thompson, Group CEO said: "The pandemic has swept the world and introduced considerable uncertainty, but our teams have risen to the challenge, demonstrating their commitment and resolve. As our results for 2020 demonstrate, our strong values, adaptability and continued focus on our long-term vision have sustained our momentum.
"We anticipate the year ahead will be a period of growth, and our Group is ready."
He added: "Our people have worked commendably in trying circumstances. They have demonstrated the values of the Group and I would like to thank them for their dedication and commitment. As a result of their motivation, attention to detail and collaborative spirit, the Group entered 2021 with the confidence to pursue a significant acquisition in Quilter International.
"Our ambitions are considerable, and we will continue to pursue our strategy focused on developing our businesses. Driven by the agility of our teams, their entrepreneurial spirit and building on our momentum, Utmost Group enters 2021 with cautious confidence and ready to forge ahead."