Life assurance consolidator eyes IPO in 'next couple of years'

“We want to build [the UK business] to a similar size as our existing international business,” said Thompson. Currently, he reckons Utmost’s UK arm is second in the market to rival Phoenix Group.

“Ideally we’d like to do one or two sizeable deals over the next couple of years,” the chief executive explained. 

“We’ve got much more of a focus on inorganic growth in the UK. [...] Our UK mass market products will stay in circulation. We want to buy more books of business and run them effectively.”

With its international footprint established, UK growth is next on the agenda to support Utmost’s trajectory to an IPO.

Thompson said his team could see insurers pulling out of the HNW space in the UK, instead focusing on the mass market. 

This is why the firm’s international business focuses on net client cash flow, whilst its UK run-off focuses on making its existing assets perform better.

The chief executive did not share further details on Utmost’s planned M&A in the UK.