Utmost Group has agreed to sell its bulk purchase annuity (BPA) business, Utmost Life and Pensions (ULP), to JAB Insurance for an undisclosed amount.

The transaction, subject to regulatory approval, will see JAB Insurance acquire the entire ULP business, comprising more than £5bn in assets and around 175 employees.

The deal is expected to be completed by mid-2026.

ULP entered the BPA market in late 2024 and has completed 11 full buy-in transactions totalling £311m since its launch.

Utmost said the sale reflects a "strategic decision" to focus exclusively on its global insurance-based wealth solutions business, where it sees long-term growth opportunities driven by demographic trends and increasing demand for multi-jurisdictional wealth planning.

Meanwhile, proceeds from the sale will be used primarily to repay bank debt associated with Utmost’s acquisition of Lombard International, with remaining funds allocated to general corporate purposes.

Utmost Group chief executive, Paul Thompson, noted that the divestment marked an "important milestone" in the group’s long-term strategy.

He argued the transaction would allow Utmost to concentrate capital and management attention on its wealth solutions platform, where it sees sustained structural growth.

Thompson added that the decision to sell ULP followed careful consideration and expressed confidence that the business would continue to develop under new ownership.

ULP chief executive, Andrew Stoker, described the acquisition as a "new phase" for the business following its entry into the BPA market.

Stoker said that ULP had built a competitive franchise in a short period and that JAB Insurance shared its long-term growth vision.

He added that the additional resources and support from the new owner would help accelerate development and improve outcomes for customers.

Echoing this, JAB Insurance executive chairman, Anant Bhalla, said the acquisition aligned with JAB Insurance’s strategy of investing in attractive insurance markets with long-term growth potential.

"ULP provides a strong foothold in the UK market, which fits nicely with JAB Insurance’s long-term investment horizon," he continued.

"We intend to support the leadership team to ensure a seamless process through deal completion and beyond, and to make ULP a significant solution for long-term financial security for UK policyholders.”

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