JAB to enter UK life market

JAB Insurance has agreed to acquire the life and pensions business of Utmost Group, marking JAB’s entry into the UK life and pensions market.

The transaction covers Utmost Life & Pensions (ULP), a UK platform with more than £5 billion in assets under management and roughly 290,000 policyholders. ULP operates a closed book of life and pensions policies alongside a growing presence in the UK bulk purchase annuity (BPA) market, where it has completed 11 full buy-ins totaling £311 million since late 2024.

JAB said the acquisition provides a foothold in the UK market aligned with its strategy of deploying permanent capital in long-duration insurance businesses. ULP’s management team, led by CEO Andrew Stoker, is expected to remain in place following completion.

The deal is subject to regulatory approvals and customary closing conditions and is expected to close in the first half of 2026. Financial terms were not disclosed.