Canada Life celebrates record-breaking sales year

Canada Life UK has reported a record-breaking year with total sales reaching £4.3bn. The company saw significant growth in various sectors, including a 121% increase in individual annuity sales to £1.2bn, and equity release sales totaling £247m.

Lindsey Rix-Broom, CEO of Canada Life UK, commented on the achievement: “We’ve delivered a strong performance in challenging conditions which demonstrates how we, as a well-diversified business, can weather the ever-changing headwinds.

“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.”

She further highlighted the success in the annuity sector: “Our record sales of individual annuities have been driven by the high levels of income available, coupled with the demand from customers for secure income solutions in uncertain times, including our fixed-term options.”

Rix-Broom also touched on the company’s future direction: “Looking ahead, we continue to invest in modernising our systems, processes and introducing new digital technology that will further benefit customers and advisers.”

Canada Life’s growth in the UK offshore bond market and asset management was also significant, with market share increasing to 27% and strong external fund flows, particularly in the Sterling Liquidity Fund and multi-asset offerings.