RCS - Utmost Group - Fitch Ratings Revises Utmost’s Outlook to Positive

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15/06/2023 17:00

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RNS Number : 8968C  Utmost Group  15 June 2023

15 June 2023

 

 Fitch Ratings Revises Utmost Group's Outlook to Positive

 

Utmost Group is pleased to announce that Fitch Ratings have revised the
Outlooks on its insurance subsidiaries IFS Ratings and Issuer Default Rating
("IDR") to Positive from Stable. The IFS Ratings were affirmed at 'A' and IDR
at 'A-'.

 

The Positive Outlook reflects the Group's improving business risk profile,
supported by the Group's progress with the integration of Quilter
International. The integration is on track to complete in line with the
deadline set out at completion of Q4 2023.

 

The Outlook revision also reflects the Group's increased scale, achieved
whilst maintaining its strong operating profitability, robust capitalisation
and conservative financial leverage.  At YE 2022, the Group's SCR Ratio was
191% (YE 2021: 177%), its Fitch Financial Leverage Ratio was 23% (YE 2021:
20%), and its Fitch-calculated Operating Return on Equity ("OROE") was 14.3%
(2021: 13.5%).

 

Please read Fitch Ratings press release here:

https://www.fitchratings.com/research/insurance/fitch-revises-utmost-group-outlook-to-positive-affirms-ifs-at-a-15-06-2023
(https://www.fitchratings.com/research/insurance/fitch-revises-utmost-group-outlook-to-positive-affirms-ifs-at-a-15-06-2023)

 

For further information, please contact:

 

Utmost Group plc

Anne Marie Shepherd, Head of Strategy and Corporate Affairs

Tel: +44 (0)203 861 4347 / Email: annemarie.shepherd@utmostgroup.co.uk
(mailto:annemarie.shepherd@utmostgroup.co.uk)

 

Temple Bar Advisory

Alex Child-Villiers / William Barker

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,
which together are responsible for over £58bn of primarily unit-linked
policyholder assets for around 530,000 customers. Utmost Group plc is subject
to Group Supervision by the PRA.

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