Annuities 'back in fashion' as Canada Life invests in technology

The firm's half-year results found that sales of annuities surged by 100%

Sahar Nazir
clock • 1 min read

Canada Life has revealed plans to invest in technology after it said annuities “are back in fashion”.

The firm said "everybody needs to use the technology" after sales of annuities in the first half of 2023 surpassed their highest levels since the introduction of pension freedoms. "The increase in popularity of annuities is largely due to increased interest rates and yields, but also the demand for guaranteed income in these uncertain times," retirement income director Nick Flynn said. "We view that this environment will continue for some period ahead, so we will increase and develop our teams to suit the economic environment.  This scale up firmly supports the direction of travel for...

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