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.
Assets under management stood at over £38bn as of 31 December 2024.
Lindsey Rix-Broom (pictured), 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.
She continued: “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.”
