- Total sales up 15% on previous year to £4.9bn
- Annuities and international wealth sales were key growth drivers
Canada Life UK’s 2024 full-year financial results reveal the retirement, investment and protection firm achieved record sales of £4.9bn in 2024, up 15% on the previous year.
Its long-term investment in growth opportunities drove substantial gains within its annuities and wealth businesses.
Insurance and annuities sales topped a record £2.3bn in 2024, with bulk purchase annuities more than doubling sales from £600m in 2023 to £1.3bn and continued consumer appetite for individual annuity products.
There was also a significant boost in international wealth sales to a new record of £2bn, a 33% increase year-on-year.
Canada Life’s group protection business paid out £524m in claims in 2024, supporting families in times of need.
Assets under management stood at over £38bn as of 31 December 2024.
Commenting on the results, Lindsey Rix-Broom, CEO of Canada Life UK, said:
“We made strong progress in 2024 in our drive to grow a business that helps its 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 use 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
Find out more about Canada Life UK's 2024 full-year financial results on our dedicated hub.
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Notes to editors
Enquiries:
Press enquiries should be directed to:
Rebecca Gladstone, Canada Life, +44 7833 085387, rebecca.gladstone@canadalife.co.uk
Julie Hughes-Edwards, Canada Life, +44 7803 249343, julie.hughes-edwards@canadalife.co.uk
About Canada Life:
Canada Life is part of a group of companies controlled by Great-West Lifeco Inc., a Canadian headquartered, international financial services holding company with interests in life insurance, health insurance, retirement and investment services, asset management and reinsurance businesses. Through its subsidiary companies, Great-West Lifeco operates in Canada, the United States, and Europe. Great-West Lifeco trades on the Toronto Stock Exchange under the ticker symbol GWO and is a member of the Power Corporation group of companies.
Canada Life Limited began operations in the United Kingdom (UK) in 1903 and provides UK individuals and businesses with a range of retirement, investment, insurance and wealth solutions. Canada Life offers individual annuities, pension de-risking solutions, home finance, estate planning and investment options, and workplace protection products.
Canada Life Limited (no.973271) is registered in England and Wales, authorised by the Prudential Regulation Authority, and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Stonehaven UK Limited (no.05487702), trading as Canada Life, is registered in England and Wales and is authorised and regulated by the Financial Conduct Authority. Canada Life International Limited (no.033178C) and CLI Institutional Limited (no.108017C) are Isle of Man registered companies authorised and regulated by the Isle of Man Financial Services Authority. Canada Life International Assurance (Ireland) DAC (no. 440141) and Canada Life International Assurance (Ireland) DAC are authorised and regulated by the Central Bank of Ireland.
Canada Life Asset Management is the brand for investment management activities undertaken by Canada Life Asset Management Limited (no.3846821), Canada Life Limited and Canada Life European Real Estate Limited (no.03846823). Canada Life Asset Management Limited is authorised and regulated by the Financial Conduct Authority.
Please note that while Canada Life Limited and Canada Life Asset Management Limited are regulated as stated above, property management and the provision of commercial mortgages are not regulated activities.
www.canadalifeassetmanagement.co.uk