Utmost Group in December 2025 announced it had agreed to sell its bulk purchase annuity (BPA) business, Utmost Life and Pensions (ULP), to JAB Insurance for an undisclosed sum, subject to regulatory approval. Completion is expected by mid-2026.

JAB will acquire the entire business, which holds more than £5bn in assets and employs around 175 people. ULP entered the BPA market in late 2024 and has completed 11 buy-in transactions totaling £311m.

Utmost said the sale reflects a strategic shift to focus solely on its global insurance-based wealth solutions business, where it sees long-term growth driven by demographics and rising demand for cross-border wealth planning. Proceeds will be used mainly to repay bank debt linked to the Lombard International acquisition, with the balance for general corporate purposes.

Utmost CEO Paul Thompson called the divestment a key milestone that will sharpen capital and management focus on Utmost’s core platform. ULP CEO Andrew Stoker said the deal marks a new phase for the business and that JAB shares its long-term growth vision. JAB Insurance executive chairman Anant Bhalla said the acquisition strengthens JAB’s UK presence and aligns with its long-term investment strategy, adding that JAB will support the leadership team through completion and beyond.