RCS - Utmost Group - Fitch upgrades Utmost Group’s IFS

Assicurazioni Generali SpAAnnouncement

05/06/2024 14:00

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RNS Number : 2591R  Utmost Group  05 June 2024

05 June 2024

 

 Fitch upgrades Utmost Group's IFS to 'A+', IDR to 'A'; Both Outlooks are
 Stable

 

Utmost Group is pleased to announce that Fitch Ratings has upgraded the
Group's Insurer Financial Strength (IFS) Ratings to 'A+' from 'A'.
Simultaneously, Fitch has upgraded the Group's Long-Term Issuer Default Rating
(IDR) to 'A' from 'A-'. Both IFS and IDR outlooks are Stable.

 

The Group's Restricted Tier 1 and Tier 2 notes have been upgraded from 'BBB-'
to 'BBB'.

 

The upgrade reflects the Group's strong financial strength and improved
business risk profile following the completion of the Quilter International
integration. Fitch's assessment highlighted the strong operating performance
and scale of the Group as a leading business franchise in the international
life and savings market, underpinned by an 'Extremely Strong' capital and
leverage position.

 

The following tables highlight the positive change to Fitch ratings:

 

 INSURER FINANCIAL STRENGTH RATING
 Entity                                    Rating Category  Fitch Rating  Outlook  Prior
 Utmost PanEurope dac                      IFS              A+            Stable   A
 Utmost Worldwide Limited                  IFS              A+            Stable   A
 Utmost International Isle of Man Limited  IFS              A+            Stable   A

 

 

 ISSUER DEFAULT RATING
 Entity            Rating Category  Fitch Rating  Outlook  Prior
 Utmost Group plc  IDR              A             Stable   A-

 

 

 UTMOST GROUP PLC BONDS
 Instrument                 Fitch Rating  Prior
 Subordinated Tier 2 Notes  BBB           BBB-
 Restricted Tier 1 Notes    BBB           BBB-

 

 

Please see Fitch Ratings press release here:
https://www.fitchratings.com/research/insurance/fitch-upgrades-utmost-group-ifs-to-a-outlook-stable-05-06-2024
(https://www.fitchratings.com/research/insurance/fitch-upgrades-utmost-group-ifs-to-a-outlook-stable-05-06-2024)

 

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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