Canada Life Group to acquire Retirement Advantage
29 August 2017
Canada Life Group has reached an agreement to acquire Retirement Advantage. The transaction, terms of which were not disclosed, is expected to close in the fourth quarter of 2017.
Retirement Advantage has roots dating back to 1852. In 2015, the business rebranded and started trading as Retirement Advantage following the merging of the retirement income and equity release divisions – previously trading under the MGM Advantage and Stonehaven brands respectively. Its focus is on individuals in, at or approaching retirement, offering a range of products to suit their needs.
The company has over 30,000 pension and equity release customers, and more than £2 billion of assets under management including a £1.5 billion block of in-force annuities (as of 30 June 2017).
Canada Life has operated in the UK since 1903 and offers retirement income, investment and employee protection solutions.
Doug Brown, chief executive officer, Canada Life UK, said the transaction would enhance the company’s position and broaden its product suite to include equity release mortgages.
Craig Fazzini-Jones, group chief executive, Retirement Advantage, added: “This acquisition is a positive endorsement of the business plan we adopted following the UK pension reforms announced in 2014 that transformed our business and drove the creation of innovative retirement solutions. As we join Canada Life, we will be well positioned to build upon that success and provide greater retirement protection for our customers.
Regulatory approval for the acquisition is likely to take between three and six months, during which time, the companies said it would be “business as usual”.
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