RCS - Utmost Group - Utmost International AUA grow to £55bn
27/02/2024 08:15
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RNS Number : 5194E Utmost Group 27 February 2024
27 February 2024
Utmost International Assets Under Administration ("AUA") grow to £55bn, an
increase of 5% from FY 2022
Today, Utmost Group announces Utmost International flows and Assets under
Administration for the year ended 31 December 2023.
2023 Highlights
- Utmost International achieved robust gross inflows of £3.6bn in
2023 against a macroeconomic and inflationary backdrop that continues to
dampen consumer sentiment (2022: £4.2bn)
- Net flows for the year were £(0.6)bn (2022: £1.3bn) driven
primarily by an increase in surrenders and withdrawals
- Utmost International Assets under Administration ("AUA") were
£54.6bn at YE 2023, an increase of 5% compared to the YE 2022 figure driven
by higher market values as global equity and bond markets rallied towards the
latter part of the year
- 2023 Annual Premium Equivalent ("APE") was £349m (2022: £397m)
reflecting management actions to preserve quality and to protect margin in an
environment where adviser activity across the market has remained muted and
competition intense
Utmost International 2023 Net Flows
£bn Opening AUA Inflows Outflows Net Flows Market Movement Closing AUA
FY 2023 51.9 3.6 (4.2) (0.6) 3.3 54.6
H1 2023 51.9 1.6 (1.9) (0.3) 0.8 52.4
FY 2022 55.9 4.2 (2.9) 1.3 (5.3) 51.9
Paul Thompson, Utmost Group Chief Executive Officer, commented:
"I am pleased with the solid results that we have reported in a year
characterised by macroeconomic challenges and geo-political volatility. Gross
inflows remained resilient which is testament to our strong distribution
partner relationships, competitive product offering and the ongoing demand for
transparent investment and savings products.
"We remain positive about the outlook for 2024 as market pressures start to
ease and consumer confidence looks to improve. We continue to see significant
opportunities for growth in Europe as the business builds on the momentum from
last year through the expansion of both distribution channels and proposition
offerings in our key markets. Our core UK business, restrained by market and
consumer pressures in 2023, is aiming to capitalise on the increased volume of
enquiries in anticipation of the upcoming national election.
"Across the Group, we remain focused on delivering on our strategy, deepening
our relationships with our advisers and leveraging the expertise of our
employees to deliver long-term and resilient growth."
The Group will announce its Full Year 2023 Results in late April 2024.
For further information, please contact:
Utmost Group plc
Utmost Group Press
Tel: +44 (0)203 861 4343 / Email: press@utmostgroup.com
Temple Bar Advisory
Alex Child-Villiers
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.
Utmost Group plc is subject to Group Supervision by the PRA.
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