Utmost Life and Pensions is headquartered in Aylesbury, Buckinghamshire
Utmost Group has announced the sale of its bulk purchase annuity (BPA) business, Utmost Life and Pensions, to JAB Insurance.
The sale, which is subject to regulatory approval, encompasses the entire Utmost Life and Pensions division, including its BPA and closed UK life and pensions business, representing more than £5bn in assets and 175 employees.
JAB Insurance is the Miami headquartered global insurance business of JAB Holding Company, a business which includes Prosperity Life Group and Family Life, a Texas-domiciled life insurance company with licenses in 49 US states.
Utmost Life and Pensions is Utmost's UK-focused life and pensions business which entered the BPA market in late 2024. Since then, it has completed 11 full buy-ins totalling £311m. The firm said that, under JAB Insurance, Utmost Life and Pensions will continue to pursue "ambitious growth plans".
Utmost said the sale reflected a strategic decision to focus entirely on its wealth solutions business.
It said the proceeds from the sale will be used to repay the outstanding bank debt issued to finance the acquisition of Lombard International, with the remaining funds being used for general corporate purposes.
The sale is expected to complete by mid-2026.
Utmost Group chief executive Paul Thompson said: "The sale of Utmost Life and Pensions marks an important milestone in our long-term strategy. 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 Utmost Life and Pensions 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."
Utmost Life and Pensions chief executive Andrew Stoker added: "The acquisition by JAB Insurance signifies an exciting new chapter for Utmost Life and Pensions. Under Utmost, we have built a competitive and successful business that is establishing itself in the attractive BPA sector and it is clear that JAB Insurance shares our vision for the future.
"With their support and resources, we will be well-positioned to accelerate growth and deliver greater value to our customers."
JAB Insurance executive chairman Anant Bhalla said: "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.
"Utmost Life and Pensions 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 Utmost Life and Pensions a significant solution for long-term financial security for UK policyholders."
Upon closing of its pending acquisitions, JAB will have approximately $35bn (£26bn) in policyholder liabilities and two million insurance contracts and policies in the US and UK insurance markets.
