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Utmost bets on Portugal with insurance distribution companyPhoto by franky1st on Pexels
Business

Utmost bets on Portugal with insurance distribution company

Eco6 September 2026 at 17:06

The British insurer Utmost, which manages €143.3 billion in assets under management, announced the launch of Utmost Wealth Portugal, a new distribution company focused on the national wealth management and life insurance market. The operation will be led by Pedro Paixão, who has around 19 years of experience in the financial sector and has been managing Utmost's wealth protection in Portugal since 2019.

Until now, Utmost operated in Portugal under Freedom of Services through its subsidiaries in Ireland and Luxembourg. With this new structure, the Portuguese team will now function as a local distribution platform, with authorisation from the ASF to market unit-linked products, collective pension fund management, life insurance and capitalisation products, in partnership with private banks, family offices, asset managers and brokers.

Iberia represented 7% of the group's assets under management in the 2025 financial year. Utmost expects assets under management to continue growing in Portugal following this launch, accompanied by continued investment in strengthening distribution and expanding product development. The bet is justified by increased demand for cross-border tax planning and Portugal's evolution as an international wealth management centre.

In 2025, the Utmost Group recorded over €11.3 billion in premiums and an operating profit of around €46.8 million. Pedro Paixão considered that Portugal presents "considerable opportunities" for expanding the offering, driven by clients with global mobility.

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