Canada Life reviews annuity gross sales up 121% to report £1.2bn

Canada Life has reported report gross sales of particular person annuities in 2023 of £1.2bn, up 121% on 2022.

The supplier stated the annuity surge helped propel UK gross sales to report ranges in 2023, in keeping with annual figures reported at this time.

The agency benefited from the annuity increase as rising annuity charges introduced a flood of latest patrons and better demand.

Canada Life noticed report gross sales of particular person annuities in addition to and £621m in bulk buy annuities.

The agency additionally reported £2.2bn in wealth and asset administration gross sales, together with offshore bonds and residential finance (fairness launch) gross sales of £247m.

Nonetheless, the agency has suffered a setback in current instances. In January it introduced it had closed its onshore bond and private pension plan to new enterprise with fast impact after the deciding it might now not be aggressive in these areas.

Referring to report annual gross sales figures, Lindsey Rix-Broom, CEO, Canada Life UK, stated the agency had coped effectively with “ever-changing” headwinds.

She stated: “We’ve delivered a robust efficiency in difficult situations which demonstrates how we, as a well-diversified enterprise, can climate the ever-changing headwinds. Our single-minded deal with delivering nice buyer outcomes means we’re effectively positioned to assist advisers and their shoppers in a interval of financial and geopolitical uncertainty.

“Our report gross sales of particular person annuities have been pushed by the excessive ranges of revenue obtainable, coupled with the demand from prospects for safe revenue options in unsure instances, together with our fixed-term choices.

“We proceed to put money into our bulk annuity enterprise and secured our first deferred members’ transaction. In whole, we accomplished eight offers final 12 months, of which 5 included deferred members and we’re very constructive concerning the potential for this enterprise in a really lively market.”

In group safety she stated the agency’s in-force premium development had been good. Proposition developments included the launch of an “business first” for group safety, Toothfairy, a digital dentistry assist service.

UK offshore bond enterprise market share grew by 27% and she or he stated the agency noticed extra alternative on this sector.


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