Utmost Group has reported strong results for the first half of the year, growing assets under administration to £38.1bn.
The company, a leading provider of insurance-based wealth solutions, grew its asset base by 7.9 per cent year on year and wrote record new business of £1.3bn in H1 2021. The company reported an operating profit of £65m.
Paul Thompson, Group CEO, commented: “Utmost Group has enjoyed a strong half-year with assets under administration up over 8 per cent since H1 2020 and record new business volumes. We have a resilient business model, our financial position is strong and the outlook for the business is positive.”
The company has plans to push ahead with a £483 merger with Quilter International, an Irish based insurer by the end of the year. In June, the EU granted Utmost permission to purchase Quilter with the merger on track for completion in Q4.
Thompson said the company is poised to take advantage of “further strategic opportunities” as they arise.
Despite the robust set of results, Fitch Ratings gave Utmost Group plc an Issuer Default Rating of BBB+ in July, meaning that while the risk of the company defaulting on loans is low it could be impaired by adverse market conditions.
While profit for the period was strong, standing at £18.4m, the company may be hard pressed to beat its financials for 2020 when annual profit reached £79.4m.