RCS - Utmost Group - Utmost Group plc Full Year Results 2024

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25/04/2025 08:15

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RNS Number : 1318G  Utmost Group  25 April 2025

25 April 2025

 

Utmost Group plc Full Year Results 2024

Transformational year with the acquisition of Lombard International and entry
into the BPA market

Utmost Group plc ("Utmost Group" or "the Group"), a leading global provider of
insurance and savings solutions, today announces its results for the year
ended 31 December 2024.

Commenting on the results CEO Paul Thompson said:

"2024 has been a milestone year for the Group, having delivered significant
strategic initiatives in both our International and UK businesses. At Utmost,
we have always prided ourselves on our level of ambition, and this year was no
exception. The acquisition of Lombard International and our entry into the
UK's BPA market significantly enhances the Group's scale, footprint and access
to new markets, providing the business with a strong pipeline of opportunities
with which to deliver long-term resilient growth.

 

"Our 2024 results reflect our strong year, with our wealth solutions business
surpassing over £100bn in Assets under Administration and recording £6.8bn
in proforma inflows. Across our broader KPIs, we delivered strong, stable
results in a year influenced by the acquisition of Lombard International,
macroeconomic challenges and continued geopolitical uncertainty.

"Our acquisition of Lombard International - our largest to date - has
significantly strengthened our net Solvency II EV, taking the Group beyond the
£2bn marker and signifying the Group's enduring value. It has served to
firmly establish our leadership position in the insurance-based wealth
solutions market and, while the macroeconomic horizons continue to be
uncertain, we remain confident that we have the long-term financial strength
and resilience to excel."

 

 Summary KPIs                            2024   2023   YoY Change
 UWS Assets under Administration (£bn)   103.5  54.6   +90%
 Value of New Business (£m)              63     55     +15%
 UWS Gross Flows (£bn)                   3.9    3.6    +8%
 UWS Net Flows (£bn)                     (0.4)  (0.6)  29%
 UWS Revenue Margin                      0.53%  0.57%  (4)bps
 Net Solvency II EV (£m)                 2,392  1,686  +42%
 Operating Profit (£m)                   190    212    (10)%
 UWS Operating Profit Margin             48%    53%    (5)ppt
 Operating Cash Generation (£m)          156    178    (12)%
 Solvency Coverage Ratio                 175%   208%   (33)ppt
 UWS Client Retention                    91%    92%    (1)ppt

 

 

FINANCIAL AND OPERATING HIGHLIGHTS

-     Gross Flows

-     Utmost Wealth Solutions ("UWS") achieved strong inflows of £3.9bn
in 2024, reflecting an improving quarterly trend in the year and leading to an
8% increase on 2023.

-     Excluding Lombard, UWS' AUA was £58.5bn at YE 2024, up 7% from YE
2023 (£54.6bn) driven by strong equity market performance.

-     AUA and Proforma Flows

-     In December 2024, Utmost Group plc completed its acquisition of
Lombard International, adding £45bn in Assets under Administration.

-     At YE 2024, Utmost Wealth Solutions had £103.5bn in AUA, an
increase of 6% on a proforma basis from the prior year comparator.

-     Including Lombard on a proforma basis, UWS delivered £6.8bn of
inflows in 2024, a 6% increase from prior year (2023: £6.4bn), reflecting an
improving macroeconomic environment which resulted in strong inflows,
particularly in H2 2024.

-     Operating Profit

-     Operating Profit decreased by 10% from FY23 result, primarily driven
by the absence of foreign exchange gains experienced in FY23 that have not
reoccurred offset by higher returns on shareholder assets.

-     SII Economic Value

-     The Group's strong increase in net SII EV is primarily driven by our
acquisition of Lombard International, offset by the consideration paid.

-     Solvency Coverage Ratio

-     The Group's Solvency Coverage Ratio decreased from FY23 as a result
of the acquisition of Lombard International.

-     The ratio, prior to the acquisition, had remained stable and in line
with our FY23 result reflecting our disciplined approach to capital
management.

OUTLOOK

-     Strong outlook for 2025 underpinned by our enhanced global
market-leading wealth solutions business.

-     Healthy BPA pipeline providing clear growth opportunity for our UK
business.

-     Well capitalised and resilient business model adept at delivering
stable returns and navigating macroeconomic uncertainty.

 

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 global provider of insurance and savings
solutions with over £100bn of Assets under Administration. 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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