Canada Life UK 2025 Full Year Results Announcement

Strategic momentum reinforced by robust financial performance.

Canada Life UK announces its results for the year ended 31 December 2025.

Emma Watkins, Chief Executive of Canada Life UK, said: 

“2025 has been a year of significant strategic progress, underpinned by strong sales growth. Our success is founded on our well-established portfolio of businesses, with record sales in Retirement and International Wealth driving double-digit growth and reinforcing our position as a leading retirement, wealth and group protection provider.

“Our strategic investment in core capabilities, technology and product enhancements, and customer experience ensures we are exceptionally well positioned to seize the growth opportunities ahead. I am excited to lead Canada Life UK through this next phase of progress - confident in the strength of our business, the clarity of our strategy, the expertise of our teams, and our unwavering commitment to our customers.”

Robust performance across core business areas

• Total sales growth up 17% to £5.2bn, driven by record sales within International Wealth and Retirement businesses.
• International Wealth achieved sales growth of 42% year-on year, driven by strong customer demand for international products and changes to the UK tax landscape.
• In Retirement, Individual Annuities delivered 17% growth, as customers and advisers increasingly incorporate annuities into wealth planning strategies. Home Finance achieved 50% growth, driven by a growing market, excellence in our underwriting capability, and a disciplined approach to pricing.
• Group Protection sales growth up 4%, demonstrating the strength of our propositions and reinforcing our position as a market leader.
• Assets under management over £39bn as of 31 December 2025¹.

Investment within Bulk Purchase Annuities (BPA) to drive positive momentum

• Strategic investment and increased market activity in the second half of the year drove £800m in deals in Q4 2025.
• Deal sizes ranged from £40m to £330m in Q4 2025, reflecting the strength and breadth of Canada Life’s proposition across multiple market segments.
• Successfully onboarded our first schemes with deferred members, representing a key milestone in post-transaction capability.

Delivering for our customers and colleagues

• Canada Life’s NPS was rated at +48 (good), reflecting our continued focus on customer experience.
• The Group Protection business paid £541m in claims² to over 7,000 families, supporting them when they needed it most. 
• Enhanced our WeCare health and wellbeing service, extending access to all 2.8m customers covered by a group protection policy.
• Launched online applications for International Bonds, reducing overall cycle times by up to 85%.
• Modernised our Discounted Gift Trusts, offering increasing flexibility for our customers.³
• Delivered enhancements to our Fixed Term Income Plan (FTIP) to include a guaranteed payment period and 30-year maximum term, meeting the evolving needs of our customers.
• Exceeded our Women in Finance Charter target, with 36% of women in senior leadership roles.
• Introduced enhanced parental and family-friendly policies, extending paid maternity and paternity leave, and offering additional leave for colleagues experiencing pregnancy loss or undergoing fertility treatment.⁴

-ENDS-

Notes to editors

1. Assets under management is a non-GAAP measure that provides an indicator of the size and volume of the Company's overall business. This figure is correct as at 31 December 2025 and includes Canada Life Asset Management Limited assets under management.

2. Group life claims, monthly Group Income Protection payments and Group Critical Illness claims.

3. https://www.canadalife.co.uk/news/we-have-made-improvements-to-modernise-our-discounted-gift-trusts/

4. https://www.canadalife.co.uk/news/canada-life-enhances-parental-and-family-friendly-policies/

Enquiries:
Press enquiries should be directed to:
Rebecca Gladstone, Canada Life, +44 7833 085387, rebecca.gladstone@canadalife.co.uk
Katie Ormrod, Canada Life, +44 7834 74022, katie.ormrod@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.canadalife.co.uk
www.canadalifeassetmanagement.co.uk