JAB Insurance has agreed to buy the life and pensions business of Utmost Group plc, marking its first major expansion into the UK retirement market.
The deal gives JAB an established operating platform in a sector shaped by long-term liabilities, strict regulation and growing demand from pension schemes seeking certainty over future payments, according to Beinsure.
The acquisition centres on Utmost Life and Pensions (ULP), which manages around £5bn in assets for about 290,000 policyholders.
ULP operates mainly in the bulk purchase annuity market, administering existing pension liabilities transferred from corporate schemes.
JAB said the business provides an immediate presence in a market aligned with its investment horizon.
“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,” said Anant Bhalla, executive chairman of JAB Insurance. “ULP provides a strong foothold in the U.K. market, which fits nicely with JAB Insurance’s long-term investment horizon.”
Although ULP only entered the bulk annuity market in 2024, it has completed 11 full buy-in transactions with a combined value of £311m, according to JAB.
The company focuses on managing in-force policies rather than originating new retail business, a model that appeals to investors seeking predictable cash flows.
The transaction is subject to regulatory approval and customary closing conditions, with completion expected in the first half of 2026.
Andrew Stoker, chief executive of Utmost Life and Pensions, said the change of ownership would strengthen the business rather than alter its pace. “JAB’s permanent capital and balance sheet management expertise should allow us to offer a more differentiated proposition to pension trustees and members,” he said.
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