RCS - Utmost Group - Fitch Ratings upgrades Utmost Group plc
30/06/2022 16:45
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RNS Number : 8881Q Utmost Group 30 June 2022
30 June 2022
Fitch Ratings upgrades Utmost Group plc's Issuer Default Rating to 'A-' and
affirms its IFS Ratings at "A"; the Outlooks are Stable. The Tier 2 and RT1
notes are upgraded to 'BBB-' and 'BB+' respectively
Utmost Group is pleased to announce that Fitch Ratings has upgraded the
Group's Issuer Default Rating ("IDR") to 'A-' from 'BBB+'. Fitch Ratings has
affirmed the Group's operating company Insurer Financial Strength ("IFS")
Ratings at 'A' (Strong) for Utmost PanEurope dac, Utmost Limited, Utmost
Worldwide Limited, Quilter International Ireland dac and Quilter International
Isle of Man Limited. The Outlooks are Stable.
The Group's subordinated Tier 2 notes are upgraded to 'BBB-' from 'BB+' and
its Restricted Tier 1 notes are upgraded to 'BB+' from 'BB'.
The upgrade of the IDR reflects Fitch's view that the insurance regulatory
bodies that supervise Utmost Group's operating companies will strengthen their
cooperation with the Prudential Regulatory Authority (PRA). Utmost Group is
subject to group supervision by the PRA. 80% of Utmost Group's consolidated
capital falls within jurisdictions that are expected by Fitch to follow a
Group Solvency form of regulation.
The affirmation of the IFS Ratings reflects Utmost Group's strong
capitalisation and leverage, strong and improving business profile, and good
financial performance, which Fitch expects to strengthen. Fitch recognised the
Group's leading business franchise in the international life and savings
market, with the acquisition of Quilter international extending its market
leadership position.
Please see Fitch's full press release here:
https://www.fitchratings.com/research/insurance/fitch-upgrades-utmost-group-plc-idr-to-a-affirms-ifs-ratings-outlook-stable-30-06-2022
(https://www.fitchratings.com/research/insurance/fitch-upgrades-utmost-group-plc-idr-to-a-affirms-ifs-ratings-outlook-stable-30-06-2022)
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 approx. £64bn of primarily unit-linked
policyholder assets for around 560,000 customers. Utmost Group plc is subject
to group supervision by the PRA.
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