Quilter PLC sells international business for £483mln in final piece of

() said shareholders are set for a substantial special dividend as it unveiled the sale of its international division.

Utmost International, the life and pensions business formed by the merger of Reliance Industries with Equitable Life, is buying the business for £483mln.

Quilter, which was spun out of South African life insurer Old Mutual in 2018, said the move follows a strategic review and would simplify the business around its UK wealth management business.

The group said it expects most of the £450mln net proceeds from the sale would be paid to investors, but some might fund other strategic initiatives.

In a statement, Quilter said it had received multiple offers for the international business, which has assets under management of £21.8bn at the end of 2020 and around 90,000 policies in place.

Revenues last year were £118mln and pre-tax profits £57mln.

Quilter boss Paul Feeney has been steadily shedding the unwanted parts it inherited from Old Mutual and this deal is said to be the final part of the restructuring.

The group recently sold its life assurance business for £200mln, the proceeds of which are also being handed back to shareholders through a share buyback programme.

Feeney described it as an ‘excellent outcome for all stakeholders’.

“It allows us to focus on accelerating our growth and efficiency plans as well as further simplifying and focusing our business around its core UK high net worth and affluent customer proposition.”

Shares in Quilter rose 4.3% to 166.7p.