Wednesday, November 9, 2022
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Canada Life to exit UK particular person safety enterprise


Insurance coverage group Canada Life has introduced that it’s closing its onshore particular person safety enterprise within the UK.

The choice comes following an inside overview and is a part of Canada Life’s technique to refocus its enterprise technique.

Following the transfer, which can influence life insurance coverage and life insurance coverage plus important sickness choices, Canada Life is not going to settle for functions for these private safety plans.

Canada Life will proceed to function its group safety, house finance, worldwide offshore safety and annuities enterprise.

Present prospects of the insurer will see no change of their plans and the agency will proceed to supply buyer assist, meet current contractual obligations, and pay claims, Canada Life stated.

The agency will enter into session with staff related to the impacted enterprise, it added.

Canada Life safety managing director Tim Stoves stated: “I’m pleased with what now we have achieved since 2016 within the particular person safety market, but it surely has turn out to be clear we have to make precedence calls on the place greatest to utilise our sources as we proceed to give attention to our core areas of progress.

“Our exit from the onshore particular person market permits us to refocus on different areas of our enterprise, together with group safety and the worldwide (offshore) safety market.”

Canada Life is part of Nice-West Lifeco, which caters to 30 million prospects throughout the globe with £1.34 trillion in property below administration as of 31 December 2021.



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