Press Release Publication date January 02, 2020
The Utmost Group of Companies is pleased to announce the completion of The Equitable Life Assurance Society (“Equitable Life”) business transfer to Utmost Life and Pensions Limited (“ULP”). The transaction delivers good value to Equitable Life customers and demonstrates ULP’s credentials as a consolidator for the UK life and pensions market.
Strategic Rationale and Financial Benefits
Paul Thompson, Utmost Group of Companies CEO commented:
“We are delighted to complete the Equitable Life transaction and welcome its policyholders and employees to our Group. Our deep experience in managing insurance companies will be utilised to deliver best value to the Equitable Life policyholders. We can create significant cost and capital synergies from the transaction and maintain our strong capital position and resilient balance sheet.
The transaction underlines our strong position in the insurance consolidation space. We continue to see significant opportunities in European insurance to enhance our platform and grow our business.”
Stephen Shone, Utmost Life and Pensions CEO commented:
"We are pleased to complete the Equitable Life transaction. It helps to demonstrate our continued growth strategy and is a major step forward in the delivery of our strategic objectives. ULP will continue to offer existing and joining customers the highest levels of service, as well as providing financial security for their futures.”
Simon Small, Equitable Life CEO commented:
“We are delighted to have completed the business transfer of Equitable Life to ULP, which has returned capital to policyholders quickly and fairly and we believe offers the best outcome for customers. ULP will provide policyholders with long-term security and peace of mind about their life and pensions policies.”
Utmost Group of Companies
Anne Marie Shepherd, Head of Strategy and Corporate Affairs, Utmost Group of Companies
Tel: +44 203 861 4347
Temple Bar Advisory
Alex Child-Villiers / William Barker. Temple Bar Advisory
Tel: +44 (0)20 7975 1415
About the Utmost Group of Companies
The Utmost Group of Companies is a specialist life assurance group. Its principal businesses are Utmost Wealth Solutions, Utmost Corporate Solutions and Utmost Life and Pensions, which together are responsible for over £36bn of primarily unit-linked policyholder assets for around 600,000 customers.
About Utmost Life and Pensions
Utmost Life and Pensions is a specialist UK life consolidator, focused on the acquisition of life assurance businesses in the UK. It looks after 450,000 customers with £7.9bn of assets under administration. Utmost Life and Pensions is authorised by the Prudential Regulation Authority (PRA), and regulated by the Financial Conduct Authority (FCA) and the PRA.