Canada Life International Limited (CLI) saw growth of 7.5% in full year bond sales in 2013. The rise saw the Isle of Man based company achieve premiums of ?792m last year, compared with ?737m in 2012.
The international operation of Canada Life has witnessed significant growth since its inception in the Isle of Man in 1987. It has total assets under administration of ?8.8bn. This increase represents growth of over 10%, up from ?7.98bn in 2012.
The news caps a strong period for the international arm of Canada Life with the announcement in May 2013 of a new Dublin based company, Canada Life International Assurance giving a choice of an EU-based jurisdiction alongside the existing Isle of Man operation. The launch in January 2014 of a new estate planning product through the Dublin based operation – the Wealth Preservation Europe Account (WPEA) - allows preferential VAT treatment for discretionary fund managers, allowing policyholders to save 20% on their investment charge.
Additionally, Canada Life International was awarded an overall 5-star rating for the eleventh successive year for its ongoing strength in the offshore investment market, in AKG’s Annual Review. Canada Life International Assurance and CLI Institutional, were also awarded the same 5-star rating. AKG attributed the consistently high rating for service to CLI’s ongoing dedication to providing value for money products alongside outstanding levels of technical support.
Sean Christian, Managing Director of CLI, commented,
“Advisers and their clients are looking for a wide range of offshore investment solutions including a choice of jurisdictions from providers with strong financial backing and a long pedigree in this market. Our products are backed by published service standards - a feature of our offering that has been valued by advisers for many years and which underpins our commitment to offer an unrivalled level of customer service. We are committed to the UK market and our focus is on advice driven solutions.
Our teams have worked extremely hard to maintain our reputation as a leading provider – something we can only do by continuing to grow. We’ve done this both in terms of volume and in terms of the breadth of our product offering, meaning we can offer advisers size as well as versatility. The launch of our Dublin-based CLIA business and the launch of the WPEA were major steps forward for us over the past year, showing our commitment to offering a strong range of products, with a choice of jurisdictions and all backed by one strong parent company. This is reflected in our award for the Best International Life Group last year which sets a marker for the level of performance we reached and a great base from which to continue our growth.”
