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HomeMedia CentreUncategorizedFitch Affirms Utmost Group’s Ratings at IFS ‘A’ with a Stable Outlook; the Group’s Issuer Default Rating is affirmed at ‘BBB+’
Fitch Affirms Utmost Group’s Ratings at IFS ‘A’ with a Stable Outlook; the Group’s Issuer Default Rating is affirmed at ‘BBB+’
27 July 2021
Utmost Group is pleased to announce that Fitch Ratings has affirmed Utmost PanEurope dac, Utmost Limited and Utmost Worldwide Limited at Insurer Financial Strength (IFS) Ratings of ‘A’ (Strong). Fitch has also affirmed Utmost Group plc’s Issuer Default Rating (IDR) of ‘BBB+’. The outlooks are stable.
The affirmation reflects the Group’s continued strong capitalisation and leverage, its strong business profile and good financial performance despite challenging market conditions due to the Covid-19 pandemic. Fitch recognises Utmost International’s leading business franchise in the international life and savings market.
Fitch expects financial leverage to slightly increase due to the acquisition of Quilter International, but to remain below 30%, and the Group’s Solvency Coverage Ratio to remain stable.
Please see Fitch’s full press release here.
For further information, please contact:
Utmost Group plc
Tel: +44 (0)203 861 4343 / Email: [email protected]
Temple Bar Advisory
Tel: +44 (0)20 7183 1190 / Email: [email protected]
About Utmost Group Limited
Utmost Group Limited is a specialist life assurance group. Its principal businesses are Utmost International and Utmost Life and Pensions, which together are responsible for over £35bn of primarily unit-linked policyholder assets for around 520,000 customers.
Utmost Group Limited is subject to group supervision by the PRA.
About Utmost International
Utmost International provides international life assurance to affluent, high-net-worth and ultra-high-net-worth individuals through Utmost Wealth Solutions, and group risk and savings solutions to multi-national corporates through Utmost Corporate Solutions.
In 2020, Utmost International had £30bn of assets under administration, 130,000 customers, and wrote £1.6bn of new business premiums.
It was formed through the acquisition of insurers that were previously owned by major insurance groups. Uniting them under a common strategy and achieving significant synergies has created a financially and operationally robust insurance group that is strongly positioned to win new business.
About Utmost Life and Pensions
Utmost Life and Pensions is a specialist UK life consolidator, focused on the acquisition of life assurance businesses in the UK. It looks after 390,000 customers with £6.5bn of Assets under Administration.
Utmost Life and Pensions is authorised by the PRA, and regulated by the FCA and the PRA.
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