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HomeMedia CentreRNSUtmost International attracts £4.2bn gross flows and secures £1.3bn net flows for 2022
RNS
Utmost International attracts £4.2bn gross flows and secures £1.3bn net flows for 2022
27 February 2023
Today, Utmost Group announces flows and Assets under Administration of Utmost International for the year ended 31 December 2022.
Highlights
- Utmost International achieved robust gross inflows of £4.2bn in 2022 against a challenging macroeconomic and inflationary backdrop (2021 Pro Forma: £4.8bn)
- Net inflows for the year were £1.3bn, comparable to the £1.5bn pro forma figure in 2021, supported by high client retention rates
- Utmost International Assets under Administration (“AUA”) were £51.9bn at YE 2022, a decrease compared to the YE 2021 figure driven by lower market values for all asset classes. Asset valuations have shown signs of recovery in Q4 2022 and early in 2023 with global equity markets recovering some of the losses of earlier periods and increased stability in investment markets
- 2022 Annual Premium Equivalent (“APE”) was £397m (2021 Pro Forma: £484m) reflecting the lower volume of new business in our established markets, which was offset by a strong sales performance in our growth markets
Utmost International 2022 Net Flows
| £bn | Opening AUA | Gross Flows | Outflows | Net Flows | Market Movement | Closing AUA |
|---|---|---|---|---|---|---|
|
£bn
FY 2022 |
Opening AUA
55.9 |
Gross Flows
4.2 |
Outflows
(2.9) |
Net Flows
1.3 |
Market Movement
(5.3) |
Closing AUA
51.9 |
|
£bn
FY 2021 Pro Forma |
Opening AUA
51.1 |
Gross Flows
4.8 |
Outflows
(3.3) |
Net Flows
1.5 |
Market Movement
3.4 |
Closing AUA
55.9 |
Paul Thompson, Utmost Group plc commented:
“I am pleased to announce resilient gross inflows of £4.2bn in 2022, rounding out a successful year for the Group. High client retention rates have contributed to our strong net flows figure of £1.3bn.
“These figures reflect the long-term benefits of our proposition to our clients. Our strong relationships with our partners have demonstrated continuity through the integration of Quilter International which is reflected in our robust sales, and strong performance in our growth markets in Europe and Asia.
“Longer-term sectoral trends are supportive of our continued business growth, with increasing demand for robust, transparent investment and savings products. Utmost Group remains well placed to capitalise on our existing strong market position.“
The Group will announce its Full Year 2022 Results in late April 2023.
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 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 £64.7bn of primarily unit-linked policyholder assets for over 475,000 policyholders. Utmost Group plc is subject to group supervision by the PRA.
On 11 December 2024, Utmost Group announced it had received all necessary regulatory approvals to complete the acquisition of Lombard International Assurance Holdings Sarl. The acquisition is expected to complete on 30 December 2024. On a proforma basis at HY 2024, Utmost Group would have had over £100bn of assets under administration for over 500,000 policyholders.
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