London-headquartered Utmost Group, a provider of insurance and savings solutions, has released its financial results for 2024, highlighting a transformational year after the acquisition of Lombard International.

Excluding the acquisition of Lombard International, Utmost Wealth Solutions' (UWS) assets under administration (AuA) were up 7 per cent in 2024 on the previous year, reaching £58.5 billion ($78 billion), driven by strong equity market performance.

In December 2024, the Utmost Group completed its acquisition of Lombard International, adding £45 billion in AuA, the firm said in a statement last week. UWS had £103.5 billion in AUA in 2024, an increase of 6 per cent on a proforma basis from the prior year comparator.

Including Lombard International on a proforma basis, UWS delivered £6.8 billion of inflows in 2024, a 6 per cent increase on the previous year (£6.4 billion), reflecting an improving macroeconomic environment which resulted in strong inflows, particularly in the second half of 2024.

Operating profit fell by 10 per cent on 2023 levels, primarily driven by the absence of foreign exchange gains experienced in 2023 that have not reoccurred, offset by higher returns on shareholder assets.

The group’s Solvency Coverage Ratio decreased from 2023, as a result of the acquisition of Lombard International. The ratio, prior to the acquisition, had remained stable and in line with the firm's 2023 result, reflecting its approach to capital management.

The firm expects a strong outlook for 2025, underpinned by its enhanced global "market-leading" wealth solutions business.

“2024 has been a milestone year for the group, having delivered significant strategic initiatives in both our International and UK businesses,” CEO Paul Thompson said. “Our 2024 results reflect our strong year, with our wealth solutions business surpassing over £100 billion in assets under administration and recording £6.8 billion in proforma inflows.”

“Our acquisition of Lombard International – our largest to date – has significantly strengthened our net Solvency II EV, taking the group beyond the £2 billion marker and signifying the group’s enduring value,” he added.