Utmost Group has agreed to sell its bulk purchase annuity (BPA) business, Utmost Life and Pensions (ULP), to JAB Insurance.
The sale includes the entire ULP business, which holds more than £5bn in assets and employs around 175 people. ULP entered the BPA market in late 2024 and has completed 11 full buy-ins totalling £311m.
Utmost said the deal allows it to focus on its core wealth solutions business, while allowing ULP to scale under new ownership.
The proceeds from the sale will be used to repay bank debt linked to Utmost’s acquisition of Lombard International, with the remaining funds used for general corporate purposes. The transaction is expected to be completed by mid-2026.
Utmost Group CEO Paul Thompson says: “The sale of Utmost Life and Pensions marks an important milestone in our long-term strategy. This divestment will enable us to sharpen our focus on our market-leading wealth solutions business. We are committed to capitalising on the strong structural growth drivers within the wealth market and responding to the increasing demand for our multi-jurisdictional solutions.
“The decision to sell Utmost Life and Pensions which has built a strong reputation and delivered exceptional value to its customers was made after careful consideration. Under JAB Insurance’s ownership, I am confident that Utmost Life and Pensions will continue to thrive and excel in the competitive BPA market. I look forward to seeing their success in this next chapter.”
Utmost Life and Pensions CEO Andrew Stoker says: “The acquisition by JAB Insurance signifies an exciting new chapter for Utmost Life and Pensions. Under Utmost, we have built a competitive and successful business that is establishing itself in the attractive BPA sector and it is clear that JAB Insurance shares our vision for the future. With their support and resources, we will be well-positioned to accelerate growth and deliver greater value to our customers. We look forward to building on the strong foundation that we have established as a part of Utmost and reaching new milestones as part of JAB Insurance.”
JAB Insurance executive chairman Anant Bhalla says: “We look forward to welcoming the Utmost Life & Pensions business and all its policyholders into the JAB Insurance family. This acquisition is consistent with our strategy to enter the most attractive global insurance markets where we can bring our permanent capital alongside differentiated capabilities across the value chain. ULP provides a strong foothold in the UK market, which fits nicely with JAB Insurance’s long-term investment horizon. We intend to support the leadership team to ensure a seamless process through deal completion and beyond, and to make ULP a significant solution for long-term financial security for UK policyholders.”
