JAB Insurance has completed its acquisition of Utmost Life and Pensions from Utmost Group plc, marking its entry into the UK insurance market. The business, a UK life and pensions platform with more than £5bn of assets and nearly 300,000 policyholders, will go to market as JAB Pensions, JAB Insurance's UK pension risk solutions platform.
The deal, first announced on 22 December 2025, closed following receipt of all required regulatory approvals. The sale covers the entire Utmost Life and Pensions business. Financial terms were not disclosed.
Andrew Stoker continues as Chief Executive Officer of Utmost Life and Pensions. The business focuses on the UK Bulk Purchase Annuity (BPA) market and on in-house servicing of its existing policies.
Anant Bhalla, Senior Partner & CIO of JAB Holding and Executive Chairman of JAB Insurance, said: "Today we welcome the Utmost Life and Pensions business and all its policyholders into the JAB Insurance family. Over the past 18 months, we have closed on four distinct, capability-enhancing transactions, successfully establishing the JAB Insurance platform, which now serves more than 1.5 million policyholders globally. We look forward to working closely with Andrew and his team to support JAB Pensions’ ongoing growth, continue servicing policyholders and pension scheme members, and provide greater choice for pension risk solutions in the UK."
Andrew Stoker, Chief Executive Officer of Utmost Life and Pensions, said: "Getting to know Anant and the JAB Insurance team throughout this process has reinforced my confidence in where we're headed together – their experience and genuine focus on pension scheme members and insurance policyholders came through at every stage. With JAB Insurance’s long-term ownership model and expertise across managing balance sheets, we now have an even stronger proposition for pension scheme trustees and their members. I'm looking forward to building something lasting together."
JAB Insurance is the global insurance business of JAB Holding Company, with life, annuity, retirement, and reinsurance businesses and approximately $30bn in invested assets. It operates in seven insurance regulatory jurisdictions, with a presence in the US, Bermuda, and the UK.
JAB Insurance says it has closed four transactions in the past 18 months and now serves more than 1.5 million policyholders globally. According to the December 2025 announcement, Barclays and Skadden advised JAB Insurance, while Fenchurch Advisory Partners and King & Spalding advised Utmost Group.
