Utmost Wealth Solutions has passed £100bn in assets under administration (AUA) following ‘strong’ inflows and the acquisition of Lombard International in 2024, its full year results have shown.

Its acquisition of Lombard in December 2024 added £45bn to the firm’s AUA, which was also aided by inflows of £3.9bn during the year, resulting in AUA of £103.5bn at the end of 2024.

Excluding Lombard, Utmost’s AUA was £58.5bn at the end of 2024, representing a 7 per cent year-on-year increase, which the firm said was driven by strong equity market performance.

However, Utmost’s operating profit fell by 10 per cent year-on-year, which was primarily driven by the absence of foreign exchange gains experiences in FY 2023 that have not reoccurred, partially offset by higher returns on shareholder assets.

“The group’s solvency coverage ratio decreased from FY 2023 as a result of the acquisition of Lombard International,” Utmost’s report stated.

“The ratio, prior to the acquisition, had remained stable and in line with our FY 2023 result reflecting our disciplined approach to capital management.”

Utmost said that it had a strong outlook for 2025, underpinned by its ‘enhanced’ global wealth solutions business and well capitalised business model that aims to be adept at delivering stable returns and navigating macroeconomic uncertainty.

The group also entered the UK pension bulk purchase annuity (BPA) market in 2024, and it said it had a healthy pipeline of BPA deals that provided a clear growth opportunity for its UK business.

Commenting on the results, Utmost Wealth Solutions CEO, Paul Thompson, said: “2024 has been a milestone year for the group, having delivered significant strategic initiatives in both our International and UK businesses.

“The acquisition of Lombard International and our entry into the UK’s BPA market significantly enhances the group’s scale, footprint and access to new markets, providing the business with a strong pipeline of opportunities with which to deliver long-term resilient growth.

“Our 2024 results reflect our strong year, with our wealth solutions business surpassing over £100bn in AUA and recording £6.8bn in proforma inflows.

“Across our broader KPIs, we delivered strong, stable results in a year influenced by the acquisition of Lombard International, macroeconomic challenges and continued geopolitical uncertainty.

“Our acquisition of Lombard International – our largest to date – has significantly strengthened our net Solvency II EV, taking the group beyond the £2bn marker and signifying the group’s enduring value.

“It has served to firmly establish our leadership position in the insurance-based wealth solutions market and, while the macroeconomic horizons continue to be uncertain, we remain confident that we have the long-term financial strength and resilience to excel.”

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