Following a strategic review of the proposition and the market, and a thorough selection process, Canada life has agreed to transfer its onshore bond business to Chesnara plc.
The move follows the announcement from Canada Life that it closed its onshore bond proposition to new business in January 2024.
The transfer is subject to regulatory approval and FSMA Part VII court proceedings, which are expected to complete by the end of 2025.
Sean Christian, Managing Director for Wealth at Canada Life UK, said:
“We are delighted to partner with Chesnara plc. on the sale of Canada Life’s onshore bond business. They have strong existing expertise in the onshore bond market, and we are confident they have high standards of customer service and a commitment to delivering good customer outcomes that will support the future needs of our customers and their advisers.
“This represents an important milestone in Canada Life’s transformation journey and will enable us to strengthen our focus on our core markets. The international bond market continues to be a strategic focus for the organisation, and our recent A (Superior) rating by AKG demonstrates our commitment and growing capability in this area.”
-ENDS-
Notes to Editors:
- Canada Life announced the closure of its onshore bond proposition to new business with immediate effect on 23 January 2024.
- There is no immediate change for existing customers, and Canada Life will continue to support customers in accordance with our usual processes during the transfer period.
- Canada Life International Ltd, CLI Institutional Ltd, and Canada Life International Assurance were awarded a financial strength rating of ‘Superior A’ – the highest accolade possible from the financial analytics and independent ratings specialist, AKG – in December 2024.
Enquiries:
Press enquiries should be directed to:
Rebecca Gladstone, Canada Life, +44 7833 085387, rebecca.gladstone@canadalife.co.uk
Elle McAtamney, Canada Life, +447913 568213, elle.mcatamney@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