Canada Life has reported document gross sales of particular person annuities in 2023 of £1.2bn, up 121% on 2022.
The supplier stated the annuity surge helped propel UK gross sales to document ranges in 2023, in response to annual figures reported at this time.
The agency benefited from the annuity increase as rising annuity charges introduced a flood of latest patrons and better demand.
Canada Life noticed document gross sales of particular person annuities in addition to and £621m in bulk buy annuities.
The agency additionally reported £2.2bn in wealth and asset administration gross sales, together with offshore bonds and residential finance (fairness launch) gross sales of £247m.
Nonetheless, the agency has suffered a setback in latest instances. In January it introduced it had closed its onshore bond and private pension plan to new enterprise with fast impact after the deciding it might now not be aggressive in these areas.
Referring to document annual gross sales figures, Lindsey Rix-Broom, CEO, Canada Life UK, stated the agency had coped properly with “ever-changing” headwinds.
She stated: “We’ve delivered a powerful efficiency in difficult circumstances which demonstrates how we, as a well-diversified enterprise, can climate the ever-changing headwinds. Our single-minded concentrate on delivering nice buyer outcomes means we’re properly positioned to assist advisers and their purchasers in a interval of financial and geopolitical uncertainty.
“Our document gross sales of particular person annuities have been pushed by the excessive ranges of earnings accessible, coupled with the demand from clients for safe earnings options in unsure instances, together with our fixed-term choices.
“We proceed to spend money on our bulk annuity enterprise and secured our first deferred members’ transaction. In complete, we accomplished eight offers final 12 months, of which 5 included deferred members and we’re very constructive concerning the potential for this enterprise in a really energetic market.”
In group safety she stated the agency’s in-force premium development had been good. Proposition developments included the launch of an “business first” for group safety, Toothfairy, a digital dentistry assist service.
UK offshore bond enterprise market share grew by 27% and he or she stated the agency noticed extra alternative on this sector.
