Utmost recorded £9.7 billion in inflows in 2025, a 43% increase on the previous year on a pro forma basis, as the group completed the integration of its Luxembourg business and sold its UK bulk purchase annuity arm.
Assets under administration rose from £103.5 billion at the start of the year to £116.3 billion by year-end. Net flows reached £2.6 billion, with £9.7 billion in inflows and £7.1 billion in outflows, supported by £10.2 billion in market gains.
Utmost chief executive Paul Thompson said 2025 was the first full year with the Luxembourg business fully integrated into the group.
“The results clearly demonstrate the benefits of the acquisition. We have expanded our operations, enhanced our scale, combined capabilities, and delivered record sales,” Thompson said.
Inflows were stronger in the first half of the year, at £5.3 billion, compared with £4.4 billion in the second half. Net flows totalled £2.0 billion in H1 and £0.6 billion in H2. In 2024, pro forma inflows were £6.8 billion and net flows were negative at £0.7 billion.
The company said six of its seven sales regions posted double-digit growth during 2025. Thompson said demand for long-term wealth products remained steady across markets.
“All our markets achieved strong inflows, with the majority outperforming their 2024 comparator, driven by sustained global demand for compliant, long-term solutions that help clients preserve their wealth across geographies,” he said. “The UK saw particularly strong year-on-year growth as clients sought stability amid ongoing tax changes.”
During the year, Utmost completed the sale of Utmost Life and Pensions, its UK-based bulk purchase annuity business, which wrote £273 million in new premiums in 2025. The sale leaves the group focused entirely on its wealth business.
“Following the sale of our bulk purchase annuity business, we are now solely focused on growing our wealth business,” Thompson said.
Looking ahead, Thompson said the group expects continued demand from high-net-worth clients.
“We are excited by our prospects,” he said. “We operate in highly attractive markets with long-term structural growth drivers marked by an increasing high-net-worth population and broad regional spread of global wealth. Rising wealth levels and greater financial sophistication continue to drive significant demand for flexible investment solutions tailored to our clients’ needs.”
Utmost plans to publish its full-year 2025 results in mid-April 2026.
