Canada Life UK has reported its highest-ever sales of £4.3bn in 2023, as well as a 121% increase of individual annuities sales compared to 2022.
This is despite the firm labelling 2023 a “challenging period”.
The UK financial services provider witnessed sales of £1.2bn of annuities in 2023, with £0.6bn in bulk purchase annuities sales.
Additionally, Canada Life also saw £2.2bn in wealth and asset management sales and UK business base earnings of £229m.
Canada Life UK chief executive Lindsey Rix-Broom said: “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.
“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.
“We continue to invest in our bulk annuity business, and secured our first deferred members transaction. In total, we completed eight deals last year, of which five included deferred members, and we are very positive about the potential for this business in a very active market.”
Canada Life protection business also saw the launch of Toothfairy, a virtual dentistry support service and an industry first for group protection.
Its asset management side of the business also performed well with “strong external fund flows, driven by the interest in the Sterling Liquidity Fund and our multi-asset offering.”
Furthermore, it has “significantly expanded” the number of discretionary clients using its funds.
Looking to the future, Rix-Broom added, “We continue to invest in modernising our systems, processes and introducing new digital technology that will further benefit customers and advisers.”
