Canada Life sells £2.7bn closed book to Scottish Friendly

Focusing attention on annuity market

Jenna Towler
clock • 2 min read

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 said. The terms of the deal were not disclosed. Canada Life Investments will continue to manage a large portion of the transferred unit-linked assets. The company said the deal was subject to the "satisfactory completion of certain conditions including court sanction".            Canada Life acquired annuity and retirement income specialist Retirement Advantage in January this year...

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