JAB Insurance buys Utmost’s life and pensions business

Written by Michael Griffiths

22/12/2025

JAB Insurance has agreed a deal to acquire Utmost Group’s life and pensions business for an undisclosed amount.

Utmost Life and Pensions (ULP) has more than £5bn of assets under management, serving approximately 290,000 pensioners.

JAB is the global insurance business of JAB Holding Company, which includes Prosperity Life Group and Family Life, a Texas-domiciled life insurance company with licenses in 49 states. Upon the closing of its pending acquisitions, JAB will have approximately $35bn in policyholder liabilities and two million insurance contracts and policies in the US and UK insurance markets.

ULP, which has a focus in the bulk purchase annuity (BPA) market, has completed 11 full buy-ins totalling £311m since entering the market in late 2024.

“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,” executive chairman at JAB, Anant Bhalla, commented.

“ULP provides a strong foothold in the UK market, which fits nicely with JAB Insurance’s long-term investment horizon. We intend to fully 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.”

ULP CEO, Andrew Stoker, added: “With JAB’s permanent capital and its broader ecosystem around balance sheet management expertise, we will be able to provide a truly differentiated value proposition for pension scheme trustees and members.”

The transaction, which remains subject to regulatory approval and customary closing conditions, is expected to complete in the first half of 2026.

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