Canada Life sells closed book to Scottish Friendly

Scottish Friendly has announced the completion of its acquisition of life and pensions policies from Canada Life. The sale follows a strategic review by Canada Life and a tender process which has resulted in the transferal of endowments, whole of life policies, investment bonds, pensions and protection polices to the mutual. The deal sees Scottish Friendly's assets under management increase by £2.4bn to over £5bn, while its membership has increased by 127,000 to around 700,000. The mutual also acquired a section of business from Mobius Life in 2018. Jim Galbraith, chief executiv...