Utmost Group has announced the sale of its bulk purchase annuity (BPA) arm to JAB Insurance, subject to regulatory approval, to focus on its wealth solutions business.

The sale encompasses the entirety of its BPA business, Utmost Life and Pensions (ULP), representing more than £5bn in assets and 175 staff.

ULP entered the BPA market in late 2024 and has completed 11 full buy-ins totalling £311m.

Utmost said the sale, which is expected to complete by mid-2026, reflected its strategic decision to focus entirely on its wealth solutions business.

The financial details of the agreement were not disclosed.

The proceeds from the sale will be used to repay the outstanding bank debt issued to finance Utmost’s acquisition of Lombard International, with the remainder to fund general corporate purposes.

“The sale of ULP marks an important milestone in our long-term strategy,” commented Utmost Group CEO, Paul Thompson.

“This divestment will enable us to sharpen our focus on our market-leading wealth solutions business. We are committed to capitalising on the strong structural growth drivers within the wealth market and responding to the increasing demand for our multi-jurisdictional solutions.

“The decision to sell ULP, which has built a strong reputation and delivered exceptional value to its customers, was made after careful consideration. Under JAB Insurance’s ownership, I am confident that Utmost Life and Pensions will continue to thrive and excel in the competitive BPA market. I look forward to seeing their success in this next chapter.”

JAB Insurance executive chair, Anant Bhalla, added: “We look forward to welcoming the ULP business and all its policyholders into the JAB Insurance family.

“This acquisition is consistent with our strategy to enter the most attractive global insurance markets where we can bring our permanent capital alongside differentiated capabilities across the value chain.

“ULP provides a strong foothold in the UK market, which fits nicely with JAB Insurance’s long-term investment horizon.

“We intend to support the leadership team to ensure a seamless process through deal completion and beyond, and to make ULP a significant solution for long-term financial security for UK policyholders.”

---