Utmost Group has reported its assets under administration was £58.4bn ($72.4bn, €66.1bn) on 31 December 2022.
This was an 8% drop in AuA from £63.7bn at year end 2021.
The firm said during its 2022 financial results that AuA decreased in the period due to “adverse market movements, leading to lower market values for all asset classes”.
“Strong net flows in the year as a result of improved client retention rates partially offset the negative impact of market movements,” the firm added.
Operating profit came in at £224m in 2022 compared to the 2021 figure of £220m.
Utmost said that the increase in operating profit compared to the pro forma 2021 outcome reflects lower operating expenses offset partially by lower charges received as a result of the declines in the value of unit funds.
Annual premiums were £397m in 2022 compared to £484m in 2021. Utmost Wealth Solutions generated £393m and Utmost Corporate Solutions, its employee benefits business, generated £4m. Utmost International’s new business figures reflected the lower volume of new business in its markets, offset by “strong sales performance in our growth markets in Europe and Asia”.
Net flows for the year were £1.3bn, comparable to the £1.5bn in 2021. Value of new business was £48m in 2022, down from 2021 figure of £66m.
‘Well placed’
Paul Thompson, group chief executive of Utmost Group, said: “The group performed strongly in 2022 despite the difficult macroeconomic environment and volatile investment markets. Financial performance was strong and new business was resilient against a difficult backdrop.
“I am pleased with the progress made on the integration programme in 2022. The programme has progressed well, with a number of workstreams complete and the remainder on-track against our initial plan.
“Longer-term sectoral trends are supportive of our continued business growth, with increasing demand for robust, transparent investment and savings products. Utmost Group remains well placed to capitalise on our existing strong market position and foresees continued opportunities for acquisition-led growth.”
