Utmost Group has announced a strong set of H1 2021 results with good progress across the Group’s KPIs. The Group has written record new business of £1.3bn, assets under administration have grown to £38.1bn and operating profit was £65m for the first half of the year.
The Group’s balance sheet remains resilient with a strong Solvency Coverage Ratio and a low leverage ratio. The Solvency Coverage Ratio was 178% at 30 June 2021 and the Group’s leverage ratio remained stable with a debt to Gross SII EV ratio of 18%.
In July 2021, Fitch Ratings affirmed the Group’s credit ratings with Insurer Financial Strength Ratings of ‘A’ and a stable outlook. The affirmations reflect the Group’s continued strong capitalisation and leverage, strong business profile and good financial performance.
The proposed acquisition of Quilter International remains on track for completion in Q4 2021. The Group is progressing the regulatory approvals required to complete the acquisition and work continues at pace planning the integration of the business into Utmost International.
The Group also announces the appointment of an independent non-executive director, Gavin Palmer, to the Utmost Group Board, with the appointment of an independent chairman underway and expected before the end of 2021. The new appointments will strengthen the Board, complementing the experience of the existing directors and reinforcing the culture of strong governance and risk management as the Group embarks on the next phase of its development.