Canada Life annuity sales rise by 121% to record £1.2bn

Canada Life’s individual annuity sales increased by 121 per cent year-on-year in 2023, its annual full-year results have shown.

The firm experienced a record year for individual annuity sales, which totalled £1.2bn.

Canada Life UK CEO, Lindsey Rix-Broom, said the record annuity sales were driven by the high levels of income available, alongside demand from its customers for secure income solutions in uncertain times.

The company’s report also showed that it completed £621m of bulk annuity transactions in 2023, with the firm completing its first deferred members bulk annuity deal during the year.

“In total, we completed eight deals last year, of which five included deferred members, and we are very positive about the potential for this business in a very active market,” Rix-Broom stated.

Canada Life also made record total sales of £4.3bn during the year, including £2.2bn in wealth and asset management sales and equity release sales of £247m.

“We’ve delivered a strong performance in challenging conditions which demonstrates how we, as a well-diversified business, can weather the ever-changing headwinds,” commented Rix-Broom.

“Our single-minded focus on delivering great customer outcomes means we are well placed to support advisers and their clients in a period of economic and geopolitical uncertainty.

“Looking ahead, we continue to invest in modernising our systems, processes and introducing new digital technology that will further benefit customers and advisers.”

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