Agefi Luxembourg - octobre 2026

Octobre 2026 21 AGEFI Luxembourg Marchés &Wealth By Stephen ATKINSON, Global Head of Sales and Marketing, Utmost F or much of the last thirty years, the international wealth insurance in­ dustry benefited froma relatively predictable operating environment. Crossborder wealth continued to grow, advisers workedwithin es­ tablished frameworks and clients often spent long periods living, in­ vesting and planningwithin the same jurisdictions. Today, the picture looks quite different. Clients are increasingly international in both their assets and lifestyles. Many now have family members living in different coun­ trieswith investments spreadacrossmultiple ju­ risdictions and planning needs that can change significantlyduring their lifetime. Expectations have changed too. Advisers want providers that can sup­ port increasingly sophisticated client requirements while clients are looking for organisations that demonstrate a clear commitment to the future. AtUtmost,wehave one objective and that is topro­ vide insurancebased wealth solutions to highnet­ worth and internationally mobile clients through over 1,000 trusted advisers and wealth managers around the world. Supporting around 190,000 clients and overseeingmore than €130 billion of as­ sets givesus avaluableperspectiveonhowthemar­ ket is evolving and the areas where advisers and clients are seeking additional support. Whathasbecomeincreasinglyclearoverrecentyears is that building a sustainable life insurer is about muchmore than financial strength. It is about creat­ ing a business that can continue to adapt as client needs evolve. That is particularly important in our sector. Apolicy established today may still be sup­ porting a family twenty, thirty or even forty years fromnow. Thedecisionsmade by life insurers there­ fore need to be viewed through a much longer lens than is often the case elsewhere in financial services. For me, a sustainable life insurer is one that never stands still. The organisations that remain success­ ful are those that continue investing in their future while remaining focusedon the needs of the people they serve. Looking at theMarket Through a LongTermLens Lifeinsurancehasalwaysbeenalongtermbusiness, but the importance of longterm thinking has ar­ guably never been greater. Providers face increasing demands from regulators andadvisers,whileatthesametimetechnologyiscre­ ating newopportunities that require ongoing invest­ ment.Thechallengeformanyorganisationsisfinding the right balance between responding to immediate priorities andpreparing forwhat comes next. When advisers assess life companies today, they mustlookbeyondproductfeaturesalone.Theyneed to understand where a business is heading and whether it has a clear strategy for the future. We know they want confidence that the organisation is continuing to invest and that it has the resources to adapt as themarket evolves. Inourexperience,theorganisationsthatperformwell over time are often those that continue investing through changing conditions rather thanwaiting for certainty. They recognise that client expectations are rarelystaticandthatremainingrelevantrequirescon­ tinual progress. This is particularly true in interna­ tionalwealthplanning,whererelationshipsareoften measured in decades rather than years. Clients need confidence that the organisation supporting them todaywill continue to be there in the future. TheGrowing Importance of Scale Oneofthemorenoticeabledevelopmentswithinour sector has been the growing importance of scale. The international wealth planning market has be­ comemoresophisticated.Technologyrequiresongo­ ing investment. Regulatory expectations continue to develop. The operational requirements of running a modern life company are very different from those of twentyyears ago.Against that backdrop, scalehas become increasingly important because it provides businesses with the capacity to invest and continue developing over the long term. Thishelpsexplainwhywehaveseensignificantcon­ solidationacrosstheinternationallifeinsurancemar­ ket in recent years. Larger organisations are often betterpositionedtomakelongterminvestmentsand absorb the costs associatedwith change. For Utmost, scale allows us to keep investing in the areas that matter most to advisers and clients and gives us a strong foundation fromwhich to continue developing the business. It has also enabled us to deepen our exper­ tise in areas that are becoming increasingly relevant. The growth of our specialist teams reflects what we are seeing in the market. Clientsituationsarebecomingmoresophis­ ticated and advisers increasingly value accesstopracticalsupportwhendeal­ ingwithmorecomplexplanningre­ quirements. Scale on its own certainly doesnotguaranteesuccess. However, it does provide the ability to keep investing and continue improving the support available to advisers and clients. Luxembourg’s ContinuingRole in InternationalWealthPlanning Any discussion about the future of life insurance would be incomplete without recognising the im­ portance of Luxembourg. Over the last three decades, Luxembourg has established itself as one of the leading centres for international wealth plan­ ning. Its reputation has been built over many years and continues to rest on foundations that advisers knowwell and trust. One of themost impressive as­ pects of Luxembourg’s success has been its ability to evolve while remaining true to the principles that made it successful in thefirst place. It continues tobe known for strongpolicyholderprotectionanda reg­ ulatory framework that is respected internationally. The Triangle of Security remains a defining feature of the Luxembourg proposition and continues to give advisers confidence when discussing wealth planning solutions with clients. What is equally important, however, is the way the jurisdictionhas adaptedover time.Wealthplanning requirements today are very different from those of the 1990s, yet Luxembourghas continued to remain relevant to advisers serving increasingly interna­ tional clients. For families with connections across multiple countries, that combinationof stability and adaptability remains highly attractive. ALegacyBuiltOverMoreThanThirtyYears Our own Utmost story in Luxembourg reflects many of those strengths. Through the acquisition of Lombard International in 2024, Utmost inherited a legacy spanning more than 30 years. During that time, Lombard played an important role in the de­ velopment of Luxembourg’s international wealth planning market and built expertise that continues to be highly valued today. That heritage remains an important part of our business. The experience de­ veloped overmany years continues to influence the waywe support advisers and clients. Atthesametime,heritagealoneisnotenough.Every businessmust continue evolving if it is to remain rel­ evantinachangingmarket.Thatisoneofthereasons whybecomingpartofthewiderUtmostorganisation hasbeensuchanimportantstep,allowingustocom­ bine Luxembourg’s heritagewith the capabilities of a larger international organisation. CombiningLuxembourgExpertise with aBroader International Business TheintegrationofLombardInternationalintoUtmost has created an opportunity to combine longestab­ lished Luxembourg expertisewith the resources of a muchlargerinternationalorganisation.Thisispartic­ ularlyrelevantgiventhenatureoftoday’swealthplan­ ning market. Many clients now lead increasingly internationallives.Assetsmaybelocatedinonecoun­ trywhilefuturebeneficiarieslivesomewhereentirely different.Advisers therefore need providers that un­ derstand crossborder planning and can support clientswhose circumstancesmay change over time. Being part of Utmost allows us to bring together ex­ pertise fromLuxembourgwith knowledge gathered across a broader international business. Today, Utmost operates fromLuxembourg, Ireland, the Isle of Man andGuernseywhile supporting ad­ visers and clients across more than 20 international markets.Thisgivesusvisibilityofdevelopmentstak­ ingplace indifferent parts of theworldandhelps us understandhowclientneedsareevolving.Italsocre­ ates a more diversified business. That matters be­ cause longtermsustainability is often strengthened when a company is not reliant on the fortunes of a single market. For advisers selecting providers and for clients making longterm decisions, that can be an important consideration. Supporting an Increasingly International Client Base One of the clearest trends we continue to see is the increasing internationalisation of wealth. Manyfamiliesnowhaveconnectionstoseveralcoun­ tries. It is increasingly common for assets to be held in different locations and for future generations to have quite different circumstances from those who originally built the wealth. As a result, wealth plan­ ning has becomemore complex. Advisers need solutions that can adapt as circum­ stances change. They also needflexibilitywhen con­ sidering the most appropriate structure for a client. This is where a multijurisdictional approach be­ comesparticularlyvaluable. The ability tooffer solu­ tionsfrommorethanonejurisdictionmeansadvisers haveaccesstoabroaderrangeofoptions.Ratherthan forcing every client into the same framework, it al­ lows solutions to be alignedmore closely with indi­ vidual requirements. Expertise StillMatters While discussions about the future of financial ser­ vices often focus on technology, one area that re­ mains crucially important is expertise. As client situations becomemore sophisticated, ad­ visers frequently face planning challenges that re­ quire specialist support. This is particularly true when dealing with crossborder wealth structures or more unusual assets. One of the advantages of operating at scale is the ability to invest in specialist expertise. Over time, we have continued tobuild teams dedicated to sup­ porting adviserswithmore complexplanning chal­ lenges and specialist client requirements. Across Utmost, more than 60 wealth structuring profes­ sionals work closely with advisers on complex planning requirements. Alongside them is a dedi­ cated complex assets teamwith more than 20 spe­ cialists focused on this area alone. Why do this? We know that advisers need more than access to a product. They value access to ex­ perience and practical knowledge. Theywant con­ fidence that when a more complicated case arises there is expertise available to help find a solution. That requirement is unlikely to diminish. If any­ thing, it is becomingmore important as client situ­ ations become more international. Technology and the Future Technology will undoubtedly play an increasingly important role in the future of our industry.Artificial intelligence is already creating opportunities to im­ prove efficiency and simplify many of the processes thatsitbehindtheadviserandclientjourney.Inmany respects, that canonly be positive. However, technology works best when it comple­ mentsexpertiseratherthanreplacingit.Whenfamilies aremakingimportantdecisionsaboutwealthtransfer or succession planning, they still value trusted rela­ tionships andexperiencedguidance. Technologycan makethoseinteractionsmoreefficient,butitdoesnot remove the need for expertise. Inmanyways, the fu­ ture of the industry will be shaped by organisations that can use technology effectively while continuing toprovide the expertise and support advisers value. LookingAhead The wealth management industry will continue to evolve. In thenext twentyyears, therewill undoubt­ edly bemore changes in regulation, newtechnolog­ ical developments we can only imagine and further shifts in client expectations. However,thepurposeofinsurancebasedwealthso­ lutions remains remarkably consistent. It is about helping clients preservewealth and pass it on effec­ tively to futuregenerations.We inUtmost have a re­ lentless focus on this one objective. ForLuxembourg, the future remains extremelypos­ itive. The jurisdiction continues toplay a central role in internationalwealthplanningandremains excep­ tionally well positioned to support increasingly in­ ternational client needs. Ultimately, sustainable life insurance isnot simplyabout responding to change. It is about continuing to evolve alongside the advis­ ers and clients we serve. For Utmost, that means building on more than 30 years of Luxembourg expertise while benefiting from the scale and reach of a broader international group. We believe that combination provides a strong foundation for the years ahead and look for­ wardwith confidence for the future. Building a Sustainable Life Insurer in a ChangingWorld The art of providing excellent solutions for wealth planning Utmost is a leading global provider of insurance-based wealth solutions. Our unit-linked solutions are designed to help clients manage and preserve their wealth. With approximately £123bn in assets under administration and A+ Fitch Insurer Financial Strength ratings for each of our insurance companies, we offer significant scale and strong financial foundations. www.utmostgroup.com Utmost Luxembourg S.A. is registered with R.C.S. under number B37604 and regulated by the Commissariat aux Assurances (CAA) Registered office address: 4, rue Lou Hemmer, L-1748 Luxembourg, Grand-Duché de Luxembourg Utmost is registered in Luxembourg as a business name of Utmost Luxembourg S.A. Figures provided are as at June 2026. Fitch rating is as at September 2026.