Canada Life is buying a pension annuity in payment portfolio valued at over £2bn from Phoenix & London Assurance which is owned by closed book with-profits insurer Resolution Life Group.
The portfolio is one of the closed with-profits books acquired by Resolution from Royal & Sun Alliance in 2004 and which currently contributes to a combined busines worth of £25bn in assets under management alongside the Swiss Life book of with-profits business. Having only this week announced a deal with Aegon-owned IFA Origen to provide clients with access to independent financial advice where they have no access to it, this new deal will see around 58,000 annuity in payment policies worth £2.18bn to the existing annuity book of Canada Life, raising its own book value to more than £5bn...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes
