Scottish Friendly completed successful acquisition of substantial life and pensions book from Canada Life

Scottish Friendly, one of the UK’s leading financial mutuals, today announces the completion of a substantial acquisition of life and pensions policies from financial services provider Canada Life. The deal sees assets under management increase by £2.4bn to over £5bn, while the number of members increase by 127,000 to around 700,000.

Following a strategic review by Canada Life’s UK operations and a competitive tender process, the financial services provider has decided to transfer this significant book of life and pensions business to Scottish Friendly.

The mutual will ensure all transferring customer policies will receive the highest standards of care during the transition period and beyond. Products transferring across as part of the transaction include endowments, whole of life policies, investment bonds, pensions and protection policies, mostly written before 2003.

Scottish Friendly has a long and well-established history of acquiring large books of insurance business, most recently a section of business from Mobius Life in 2018, as part of its continued strategy to diversify and grow.