2024 Canada Life annual results
We delivered record sales of £4.9bn in 2024, up by 15%, reflecting our strategy to invest for growth, whilst simplifying and modernising our business.
Message from our CEO
We made strong progress in 2024 in our drive to grow a business that helps our customers and people make more of life. Our record sales reflect the focus we have on investment that delivers growth and sustains momentum towards achieving our strategic goals.
Our well-established bulk annuity business continues to go from strength to strength, underpinned by continued investment in our core capabilities and offering to employers, trustees, and scheme members. Record sales within our international wealth business reflects our enduring strength in the market, as well as increased demand for international bonds.
And while demand for individual annuities stabilised in 2024 following a record year in 2023, we expect the appetite for annuities to remain strong as customers seek to maximise their retirement incomes in the current high-rate environment.
Looking ahead, 2025 will see us enhance our use of digital, data and artificial intelligence to transform the way we do business and meet the evolving needs of our customers and adviser partners.
I’m immensely proud of the drive, passion and expertise that my Canada Life colleagues bring to this business every day, and the strong relationships we have built with advisers and employers in the market. Our people and our partnerships are critical in Canada Life’s enduring success, and our ongoing efforts to evolve our firm’s foundations for the future.
- Lindsey Rix-Broom, CEO, Canada Life UK
Key highlights
Canada Life UK
We’re helping more than 3.6 million retirement, investment and protection customers make more of life. We do this by building stronger, more secure and inclusive financial futures.
We’ve been operating in the UK since 1903, and today we’re part of Great-West Lifeco, a leading global insurance, wealth and asset management group.
1. Sales exclude internal client funds.
2. All customer numbers include Group Protection employees covered.
3. Assets under management is a non-GAAP measure that provides an indicator of the size and volume of the Company's overall business.
4. Group life claims, monthly Group Income Protection payments and Group Critical Illness claims.
Disclaimer
Canada Life Limited, registered in England and Wales no. 973271. Registered office: Canada Life Place, Potters Bar, Hertfordshire EN6 5BA. Canada Life Limited is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Canada Life Asset Management is the brand for investment management activities undertaken by Canada Life Asset Management Limited, Canada Life Limited and Canada Life European Real Estate Limited. Canada Life Asset Management Limited (no. 3846821), Canada Life Limited (no. 973271) and Canada Life European Real Estate Limited (no. 3846823) are all registered in England and the registered office for all three entities is Canada Life Place, Potters Bar, Hertfordshire EN6 5BA. Canada Life Asset Management Limited is authorised and regulated by the Financial Conduct Authority. Canada Life International Limited, registered in the Isle of Man no. 033178C and CLI Institutional Limited, registered in the Isle of Man no. 108017C. Registered office: Canada Life House, Isle of Man Business Park, Douglas, Isle of Man, IM2 2QJ. Canada Life International Limited and CLI Institutional Limited are Isle of Man registered companies authorised and regulated by the Isle of Man Financial Services Authority. Canada Life International Assurance (Ireland) DAC, registered in Ireland no. 440141. Registered office: Irish Life Centre, Lower Abbey Street, Dublin 1, Ireland. Canada Life International Assurance (Ireland) DAC is authorised and regulated by the Central Bank of Ireland. Category A Insurance Permit holder with the Jersey Financial Services Commission. Stonehaven UK Limited, trading as Canada Life, registered in England and Wales no. 05487702. Registered office: Canada Life Place, Potters Bar, Hertfordshire EN6 5BA. Stonehaven UK Limited is authorised and regulated by the Financial Conduct Authority. Canada Life Platform Limited, registered in England and Wales no. 8395855. Registered office: Canada Life Place, Potters Bar, Hertfordshire EN6 5BA. Canada Life Platform Limited is authorised and regulated by the Financial Conduct Authority. Canada Life and design are trademarks of The Canada Life Assurance Company