RNSUWS

Completion of the Acquisition of Quilter International

30 November 2021

Utmost Group plc (and together with its subsidiaries “Utmost Group” or “the Group”) is pleased to announce the completion of the acquisition of Quilter International from Quilter plc (the “Acquisition”). This follows the initial announcement in April 2021 and the announcement of the achievement of the necessary regulatory approvals on 12 November 2021

Highlights 

  • Quilter International will become a part of Utmost International, the international life assurance business of the Group. The Acquisition confirms Utmost International’s position as the leading global provider of international life assurance
  • The Acquisition adds approx. £24bn of assets under administration (“AUA”) and 90,000 policies to the Group. On a pro-forma basis, the Group would have had approx. £62bn of AUA and approx. 570,000 policies as at 30 September 2021, and Utmost International would have written £3.7bn of new business on a pro-forma basis in the nine months to 30 September 2021
  • The total consideration payable to Quilter plc is £481m reflecting interest at 5% p.a. on the base consideration of £460m from 31 December 2020 to the date of completion
  • The Acquisition is in line with the Group’s strategy to grow its business both organically and through acquisition and to enhance its proposition for its partners and clients

Commenting on the Completion, Paul Thompson, CEO of Utmost Group plc said:

“I am delighted to confirm completion of the acquisition of Quilter International and would like to extend a warm welcome to our new colleagues, distribution partners and clients joining Utmost Group. The Acquisition marks a significant milestone in the Group’s strategic development and brings additional scale, skillsets and cashflows to the Group.

“The Acquisition cements Utmost Group’s position as a leading consolidator in the insurance and savings market and gives the Group an enhanced platform to pursue further acquisitions.”

Commenting on the Completion, Ian Maidens, CFO of Utmost Group plc said:

“The Acquisition demonstrates the Group’s ability to complete value-add acquisitions which enhance customer outcomes and provide attractive returns to shareholders.

“The Group has been able to execute a sizeable, strategic transaction whilst retaining its strong balance sheet, robust capital position and conservative leverage ratios, giving us headroom for further acquisitions. The completion of the Acquisition, following the inaugural Tier 2 issuance in September, completes a seminal year for the Group.”

Please read the full press release here.

For further information, please contact: 

Utmost Group plc 

Anne Marie Shepherd, Head of Strategy and Corporate Affairs 

Tel: +44 (0)203 861 4347 / Email: annemarie.shepherd@utmostgroup.co.uk 

Temple Bar Advisory 

Alex Child-Villiers / William Barker 

Tel: +44 (0)20 7183 1190 / Email: utmost@templebaradvisory.com

About Utmost Group plc 

Utmost Group plc is a leading provider of insurance and savings solutions. Its principal businesses are Utmost International and Utmost Life and Pensions, which together are responsible for approx. £62bn of primarily unit-linked policyholder assets for around 570,000 customers. Utmost Group plc is subject to Group Supervision by the PRA.

About Utmost International 

Utmost International is a leading provider of insurance based wealth solutions. Utmost International operates across the UK, Europe, Latin America, Asia and the Middle East. Its solutions are based on unit-linked insurance policies. Utmost International manages £55bn assets under administration on behalf of 210,000 policyholders and wrote £3.7bn new business in the nine months to 30 September 2021.

About Utmost Life and Pensions 

Utmost Life and Pensions is a closed UK life and pensions business focused on the acquisition of life and pension businesses in the UK. Utmost Life and Pensions manages £7bn assets under administration on behalf of 360,000 policyholders. Utmost Life and Pensions is authorised by the PRA and regulated by the FCA and the PRA.