Equitable sells annuity book to Canada Life

The beleaguered mutual insurer says the "reassurance and subsequent transfer" of most of its annuity book of business will not affect the pension payments already made to the transferring policyholders, and Equitable will initially continue to pay them while Canada Life will assume those obligations once the deal is officially completed. Equitable Life says the deal will help to protect its with-profits policyholders and will reduce the risk they currently face in terms of what it terms "unexpected future increases in non-profit pensioners’ life expectancy leading to increased costs of pay...