Canada Life sells £2.7bn closed book to Scottish Friendly
Focusing attention on annuity market
Canada Life UK chief executive Doug Brown: "This was a difficult decision - many of these customers have been with us for years.”
Canada Life UK is to sell 155,000 longstanding policies worth £2.7bn from its closed book of business to Scottish Friendly as it focuses on the annuity market.
The policies being offloaded have largely been closed to new business since 2003 and are made up of life and pensions savings policies, along with some protection policies all written in the UK, the firm...
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