Utmost International, a leading provider of international bonds and group risk solutions, has published its audited results for the year ended 31 December 2018.
Paul Thompson, CEO of Utmost Group of Companies, commented, “Utmost International has had a record year. Utmost International’s AUA increased to £24.3bn at year-end 2018. Our strong balance sheet and net solvency coverage ratio of 157% helped us achieve our inaugural Fitch credit ratings of “A” IFS.
Our new business pipeline is strong, having achieved record sales figures in 2018. We will continue to explore acquisition opportunities and our focus on organic growth in order to achieve our aim to become the leading provider of international life assurance solutions and provide better outcomes to all stakeholders.”
Acquisitions: Utmost International continued on its growth trajectory with the acquisition of Generali PanEurope in June 2018 and the acquisition of Athora Ireland’s investment bond business in December 2018.
New Business: Utmost International continued to implement its new business growth strategy in 2018, enabling it to achieve strong sales results. In 2018, APE was at a record high of £152m compared to £42m in 2017. The group-wide rebrand in February 2019 has enabled us to present a common face to our clients globally.
Assets Under Administration: AUA grew from £10.5bn to £24.3bn in 2018 demonstrating a strong growth in our business. Both organic growth and acquisitions contributed to the growth in AUA in spite of challenging market conditions.
Fitch Credit Rating: In June 2019, Utmost International Group Holdings Ltd (“UIGH Ltd”) and its principal operating subsidiaries were assigned inaugural credit ratings by Fitch. UIGH Ltd’s four principal insurance subsidiaries were assigned an Insurer Financial Strength rating of A. UIGH Ltd was assigned an Issuer Default Rating of BBB+. All ratings have a Stable Outlook.
For further information, please contact:
Anne Marie Shepherd, Head of Strategy and Corporate Affairs, Utmost Group of Companies on +44 203 861 4347 or firstname.lastname@example.org