JAB Insurance, a life insurance business focused on building a global insurance ecosystem across life, annuity, retirement and other lines, has signed a definitive agreement to acquire the life and pensions business of Utmost Group plc, expanding its footprint in the UK retirement market.
The transaction centres on Utmost Life and Pensions, which manages about £5bn in assets and serves roughly 290,000 pensioners.
ULP operates primarily in the UK bulk purchase annuity market and focuses on administering in-force policies. Since entering the market in 2024, the platform has completed 11 full buy-ins with a combined value of £311mn, according to JAB. It’s a short track record, but a busy one.
Anant Bhalla, executive chairman of JAB Insurance, said the deal fits the firm’s strategy of targeting insurance markets where long-duration capital and operational capability intersect. He described the UK as an attractive market aligned with JAB’s long-term investment horizon and said ULP provides an immediate base to scale from.
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
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,” said Anant Bhalla.
The transaction remains subject to regulatory approval and standard closing conditions. JAB expects completion in the first half of 2026. The firm declined further comment beyond its prepared statement.
Andrew Stoker, chief executive officer of Utmost Life and Pensions, will continue to lead the business post-acquisition. He said JAB’s permanent capital and balance sheet management expertise should allow ULP to offer a more differentiated proposition to pension trustees and members. The emphasis is stability, not speed.
The deal follows another move by JAB Insurance into regulated life insurance. In November, the firm agreed to acquire Columbian Mutual Life Insurance and its Illinois subsidiary, Columbian Life Insurance, both currently in rehabilitation.
That transaction sits at the centre of a proposed rehabilitation plan for Columbian Financial Group and involves a capital injection aimed at securing a long-term home for policyholders. Court approval remains pending.
The agreement sits at the centre of the proposed CML rehab plan and brings fresh capital meant to give policyholders a steady, permanent landing spot.
Courts overseeing Columbian Financial Group’s rehab still need to sign off.
The company said the structure came together with policyholder protection front and centre, built closely with the New York Liquidation Bureau on the CML side and the Illinois Office of the Special Deputy on the CLIC side.
According to Beinsure analysts, the Utmost transaction underscores JAB’s focus on predictable, liability-driven insurance assets. Bulk annuities, with their long cash-flow profiles and regulatory barriers, fit that mould neatly.
JCP was established in 2014, driven by investors’ demand to participate in JAB Holding’s consumer investment strategy.
JCP is a Luxembourg-based regulated investment fund with institutional investors, family offices, endowments, and other professional investors. JCP co-invests alongside JAB Holding in the consumer goods and services sector through JAB Consumer.
JAB Insurance combines direct insurance and reinsurance businesses with a long-term strategy that aligns its investments with policyholder obligations. JAB Insurance is headquarted in Miami.
