Today, Utmost Group plc (“UGP”) has announced its results for the year to 31 December 2023.
Performance Highlights
- Strong growth in Operating Profit, up 15% to £212m
- Robust Value of New Business of £55m, up 16%, given challenging sales conditions
- Achieved Assets Under Administration of £62.8bn, up 4%, supported by positive market movements
- Rating revision to Positive Outlook with the Group’s Issuer Default Rating affirmed at ‘A-’
- Completion of Quilter International integration in to Utmost International
- Strong Group Solvency Coverage Ratio of 208% at 31 December 2023
Commenting on the results CEO Paul Thompson said: “I am pleased with the encouraging results we have reported in a year impacted by a challenging macroeconomic environment. Our ability to deliver double-digit growth in Value of New Business and Operating Profit highlights the strength of our business model and our financial resilience.
“We continue to make good progress in enhancing our operational capabilities and, in addition to successfully completing the Quilter International integration, have expanded our product propositions and digital infrastructure to further improve our client offerings.
“Our strong client focus and commitment to ongoing enhancements in our operational delivery has enabled us to become a trusted partner to our distributors and clients. We are confident that Utmost can continue to benefit from the significant, long-term market opportunity and that we are well placed to scale the business, further establishing ourselves as a key player in the markets in which we operate.”