REASSURINGLY DIFFERENT - Utmost International

Annual Report 2019

R E A SSU R I N G LY DIFFERENT

Contents

Introduction 2 At a glance 6 History of the business

Strategic Report 10 Chief Executive Officer's review 14 Business model 18 Market context 21 Our strategy 26 Key performance indicators 28 Chief Financial Officer's review

Governance 36 Corporate Governance Report 40 Risk management 45 Principal risks 48 Sustainability Report 50 Directors' Report

Financial statements 54 Independent auditor's report 56 Consolidated Statement of

Comprehensive Income 57 Consolidated Statement of Financial Position 58 Consolidated Statement of Changes in Equity 59 Consolidated Statement of Cash Flows 60 Notes to the Consolidated Financial Statements 96 Company Financial Statements 100 Notes to the Company Financial Statements 102 Alternative Performance Measures 104 Glossary 105 Company information 106 Forward-looking statements

We are dedicated to making a positive difference, building a brighter future for our clients and better serving all stakeholders.

We are driven by a desire to be the leader in our markets.

Our strong reputation has been developed through our honesty, integrity and staying true to our word.

When you make a commitment, you build hope. When you keep it, you build trust.

Utmost International uses APMs as key financial indicators to assess the underlying performance of the Group. Management considers the APMs used to provide an accurate and helpful reflection of business performance.

For further information, please see page 102.

This document contains, and Utmost International may make other statements (verbal or otherwise) containing, forward-looking statements and other financial and/or statistical data about the current plans, goals and expectations relating to future financial conditions, or the performance, results, strategy and/or objectives of Utmost International.

For further information, please see page 106.

INTRODUCTION

STRATEGICREPORT

GOVERNANCE

The world is changing. We are all connected. Utmost International adapts to change by offering innovative financial solutions to support our clients. We provide a safe haven to safeguard their futures and those of future generations. We constantly consider all of our stakeholders. Our agility ensures we continue to operate with the support of our clients, employees, distribution partners, communities, and the environment in which we live. These relationships are important to us as we strive to operate successfully in changing times. REASSURINGLY DIFFERENT.

Utmost International Group Holdings Ltd Annual Report 2019 / 1

FINANCIALSTATEMENTS

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