Utmost Group has reorganised some of its divisions, according to its H1 2020 results.
The reshuffle affects Utmost International and Utmost Life and Pensions; which, as of 1 October 2020, now operate as Utmost Group Limited (UGL).
A UK-registered company, UGL is group regulated by the Bank of England’s Prudential Regulation Authority (PRA).
The combined assets under administration (AUA) at UGL were £35.3bn ($45.6bn, €38.9bn) for the first half of 2020.
Look to grow
In addition, Utmost is focusing on M&A activity as it has “readily available access to significant capital” to support future deals.
It expects covid-19 to push insurance companies towards divestment to free up capital and reduce their balance sheet risk, providing acquisition opportunities for the group.
Utmost Life & Pensions completed the business transfer of the Equitable Life Assurance Society on 1 January.
Performance
Utmost International’s AUA weathered the coronavirus storm at £28.8bn for the first half of the year, a slight increase from the £28.7bn of the same period in 2019, but a fall from the £29.4bn ($38bn, €32.2bn) reported at the end of 2019.
New business increased in the first six months of 2020, hitting £19m, nearly double H1 2019 (£11m).
Additionally, Utmost International is about to roll out an updated website “which provides advisers and clients of Utmost Wealth Solutions and Utmost Corporate Solutions with a single source of information” about the international business and its offerings.
This will take place throughout October 2020.
The website will replace the three existing ones for Utmost Limited, Utmost PanEurope and Utmost Worldwide.
Advisers will face no disruption, the firm said, as their existing log in details will be accepted on the revamped website.
