Utmost Group has announced that assets under administration in its Utmost International business grew by 5% to £54.6bn last year.
The insurance and savings solutions provider suggested this was driven by higher market values as global equity and bond markets rallied towards the latter part of the year.
Utmost Group’s principal businesses are Utmost International and Utmost Life and Pensions. It stated that Utmost International also achieved “robust” gross inflows of £3.6bn in 2023, it stated, against a macroeconomic and inflationary backdrop that continued to dampen consumer sentiment. This was however down from £4.2bn in 2022.
Net flows for the year were £600m, down from £1.3bn in 2022, which the group said was driven primarily by an increase in surrenders and withdrawals.
Utmost Group CEO, Paul Thompson, said the group is remaining “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,” Thompson commented. “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.”
Utmost Group will announce its full-year 2023 results in April.
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