Contents. Welcome to Canada Life 3. Canada Life s heritage 5. Reasons for using Canada Life 7. Strength and stability 9. Our onshore product range 11

Transcription

1 Canada Life

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3 Contents Welcome to Canada Life 3 Canada Life s heritage 5 Reasons for using Canada Life 7 Strength and stability 9 Our onshore product range 11 Our offshore product range 12 Offshore financial strength 13 Canada Life Investments 15 Group Insurance 17

4 Welcome to Canada Life I have had the pleasure of being part of the Canada Life team for more than 16 years. We work closely with professional advisers, giving them the support they need for their business, and helping them provide the best possible service to their clients. Ian Gilmour, BSc, FFA, FSAI CEO of Canada Life Limited and Chairman of Canada Life International Limited Our vision is to be a world-class financial services provider, delivering exceptional customer value, and helping people achieve more through the excellence and integrity of our people. We specialise in offering solutions for both the onshore and offshore markets. You have the reassurance of knowing that as part of Great-West Lifeco group we are a constituent of the Financial Times Global 500 world s largest companies. We have consolidated assets under management of over 430bn 1, and we receive consistently strong ratings from major ratings agencies. 1 As at 31/12/13 for Canada Life Assurance Co. which owns 100% of Canada Life Ltd Achieving our vision We can only deliver success by working closely with all our key stakeholders. It starts with providing the highest quality products and services to our clients. Equally importantly, we earn the trust of our distribution partners, and build valued relationships with them. We constantly look to see how we can give our staff opportunities to grow and learn and we do everything to make sure they feel valued at all times. Our shareholders, of course, expect us to generate a superior rate of return for them. But that is never at the expense of the communities where we live and work. We know that we can only be truly successful by acting as responsible corporate citizens; something that we take very seriously. 3

5 We can only deliver success by working together with all our key stakeholders. It starts with providing the highest quality products and services to our clients. 4

6 Canada Life s heritage In 1843, Hugh C. Baker, the founder of Canada Life, was newly wed and unable to find Canadian insurance protection for his family. The nearest place to get the cover he required was New York, and as an asthma sufferer he was required to apply in person, and to undergo a medical examination. The 500-mile journey to New York took more than six days by horseback, stagecoach and finally steamboat, and he returned to Canada determined to establish the first Canadian insurance company. Founded in 1847, the Canada Life Assurance Company was Canada s first domestic life insurance company. Based in Toronto, we have grown and prospered, and today we provide a diversified range of insurance and wealth management products and services in Canada, the United States, the United Kingdom, Ireland, Germany and several other jurisdictions such as the Isle of Man. Canada Life began operating in the United Kingdom in 1903, and has developed a wide offering of products and services to suit our clients. Our product portfolio encompasses solutions for successful inheritance tax planning, saving and investments, retirement income planning, as well as group and individual protection. In 2003, Canada Life became part of The Great-West Life Assurance Company, a subsidiary of Great-West Lifeco. The transaction brought together three leading Canadian life insurers Great-West, London Life and Canada Life to create an even stronger financial services organisation with global reach. Today, Canada Life is committed to retaining our founder s sense of conviction. Canada Life and Great-West are members of the Power Financial Corporation group of companies. Within the UK, we have five main locations: Potters Bar for Individual Business, Bristol for Group Insurance operations, the City of London for Investment and Property operations, and the Isle of Man and Ireland for Offshore Individual Business (through Canada Life International Limited, CLI Institutional Limited and Canada Life International Assurance Limited). Great-West Life & Annuity Insurance Canada Life Limited (UK) Great-West Lifeco Inc Canada Life Investments (UK) Great-West Life Assurance Canada Life Assurance Canada Life International Limited (Isle of Man) Putnam Investments PanAgora Asset Management Canada Life International Assurance Limited (Ireland) CLI Institutional Limited (Isle of Man) 5

7 Today, Canada Life is committed to retaining our founder s sense of conviction. Canada Life Headquarters, Toronto, Canada 6

8 Reasons for using Canada Life Adviser-Centric Proposition; Everything we do is designed with advisers in mind. So we offer client-ready solutions, and client-focused products that are structured to support advisers. Size We are part of Great-West Lifeco, one of North America s largest life insurers, with a Market Capitalisation of 21.81bn 1, and total assets under administration of circa 430bn 2. We deliver a consistently high level of ROE over 16% in Financial strength, based on net earnings Our financial strength 3 is demonstrated by our AA rating from Standard & Poor s, Aa3 from Moody s, and AA from Fitch Ratings. We have also received a 4-star Annual Review AKG rating onshore for nine years running. Group Insurance With an overall market share of 24%, Canada Life Group Insurance is the largest provider of Group Risk benefits in the UK by annual premium, number of employer policies held and the number of insured employees covered. In Group Life we hold over 26% of the market, making us the largest provider of this product. In Group Income Protection we are the second largest provider, with a market share of just under 20% and in the smaller, but growing, area of Group Critical Illness we hold more than 18% of the market 4. Our online system, CLASS, now provides simplified administration to 6% of all Group Risk market schemes. In 2013, advisers voted us the best service provider for the fifth consecutive year in the ORC Adviser Survey and we pride ourselves on being the best, as well as largest, Group Risk provider. Wealth management We have developed a comprehensive range of onshore and offshore trusts, as well as packaged estate planning solutions. Onshore, our unit-linked bonds incorporate various flexible options that are designed to meet the needs of today s discerning investor. Offshore, we have more than 8.8bn 5 assets under administration, and a cluster of awards that tell their own story, including the 5-star AKG Annual Financial Strength Unit Linked Rating. Indeed, unlike any other offshore company, we have held this for the past eleven years running. Retirement solutions We have a long history of providing a wide range of retirement solutions to suit your clients needs. We offer industry-leading rates, award-winning service, financial strength, and have over 350,000 pension annuities in force that are worth around 14bn 6. Funds and investments In the onshore market we offer over 140 funds from more than 20 fund managers, as well as 20 multimanager portfolios. Offshore, we offer the full market range of openarchitecture products. Service Our award-winning service is built on our unique service charters, delivered by knowledgeable sales support staff and dedicated regional account managers. ican Technical Services Our dedicated Team is made up of industry specialists who are experts across taxation, trusts, estate planning and pensions. 1 As at 13/03/14 2 As at 31/12/13 3 As at 13/03/14 for Canada Life Assurance Co. which owns 100% of Canada Life Ltd 4 Swiss Re Group Watch Canada Life International as at 31/12/13 6 As at 31/12/12 7

9 Awards Size Retirement solutions Financial strength Adviser centric proposition Group Insurance Service Onshore and offshore wealth management Technology Funds and investments 8

10 Strength and stability The maintenance of financial strength and stability, while growing and serving the changing needs of the marketplace, has always been fundamental to our philosophy and management approach. A major force in the insurance world Being part of Great-West Lifeco makes us part of one of the top ten largest life insurance organisations in the world (as measured by market capitalisation) with interests in the life insurance, health insurance, investment and retirement savings and reinsurance businesses. Together with Great-West Lifeco s other operating subsidiaries, we serve the financial security needs of customers across Canada, the United States, the United Kingdom, Isle of Man, Ireland and Germany, and we have more than 430bn in assets under administration as at 31 December Market capitalisation When you choose Canada Life, you can be sure you are with a company that has the power to deliver its promises, and one that is on a par with some of the UK s leading brands. Great-West Lifeco Legal & General Aviva Prudential B Sky B BT Group Unum billions bn 13.87bn Source: Yahoo! UK & Ireland Finance as at close of business 13 March bn 14.50bn 21.81bn 31.41bn 34.88bn 9

11 Current ratings Ratings are a reflection of our financial strength. Great-West and its subsidiaries have received strong ratings from the major ratings agencies. Ratings Agency Measurement Great-West Canada Life 1 A.M. Best Company Financial Strength A+ A+ Dominion Bond Rating Service Claims Paying Ability Subordinated Debt IC-1 IC-1 AA (low) Fitch Ratings Insurer Financial Strength AA AA Moody s Investors Service Insurance Financial Strength Aa3 Aa3 Standard & Poor s Corporation Insurer Financial Strength Subordinated Debt AA AA AA- 1 Canada Life Assurance Company (which owns 100% of Canada Life Limited) Source: Great-West. Ratings are correct as at 13 March

12 Canada Life Individual Business Our onshore product range Wealth management Our unit-linked bonds incorporate various flexible options that are designed to meet the needs of today s discerning investor. Coupled with our own fund range, our investment solutions deliver quality investment choices through partnerships with a carefully selected mixture of large and boutique fund management groups. For those requiring a guaranteed income from capital, we also have a non-linked single premium product available as a Life or Temporary Annuity. CanInvest Select Account Flexible Investment Bond Purchased Life Annuity Estate planning Since 1975 we have worked with industry experts and tax specialists to develop a comprehensive range of onshore and offshore trusts, as well as packaged estate planning solutions. We pride ourselves on our technical expertise, advice and support in this area. And these skills have allowed us to develop unique product solutions that have stood the test of time. We employ a dedicated Technical Services Team to support professional advisers across the UK. Retirement solutions We have been helping our clients maximise their pension plans for over 100 years, and we consistently rank amongst the largest providers with our traditional annuity products. We have also justly earned a reputation as innovators with our innovative Annuity Growth Account. We are one of the largest providers of annuities in the UK with over 14bn of assets under management in annuity funds (as at 31 December 2012). Annuity Growth Account Trustee Investment Plan Lifetime Annuity Scheme Pension Enhanced Lifetime Annuity Enhanced Scheme Pension Wealth management Retirement income planning Canada Life Individual Business Estate planning Protection 11

13 Canada Life Individual Business Our offshore product range Wealth management Our regular and single premium investment bonds combine simplicity in their structure with clarity in their charges. Each is backed by our dedicated service charter, to ensure clients and professional advisers receive the very best service and support. Our investment bond range includes: Premiere Account Delta Account Dimensions Preference Account Offshore Savings Account Prestige Account Elite Account Estate planning We offer a wide range of robust tax and estate planning solutions. From a simple gift trust to wrap one of our investment bonds, to the sophistication and innovation of our Controlled Access Account, Inheritance Planning Account and Wealth Preservation Account, we can offer a complete package. Our dedicated ican Technical Services Team are there to share their expertise and support advisers. Our estate planning range includes: Premiere Discounted Trust Account Delta Discounted Trust Account Dimensions Preference Discounted Trust Account Wealth Preservation Account Controlled Access Account Protection Our protection offering, the Flexible Life Plan, is a whole of life assurance policy designed to meet lifetime needs for life assurance cover. It can be used to provide cover in many circumstances, such as family protection, business protection and for inheritance tax planning purposes. The plan is backed by our dedicated service charter, to ensure clients and professional advisers receive the very best service and support. 12

14 Offshore financial strength Canada Life International Limited holds the highest rating given to an offshore company, as well as high ratings for service, annual performance and image and strategy. Canada Life International Limited (CLI) is the only offshore insurer to have maintained an overall 5-star AKG Annual Financial Strength Unit Linked Rating 1 for eleven consecutive years. The 2013 AKG Offshore Profile & Financial Strength Report reaffirmed Canada Life International Limited is a key player in the offshore investment market. Having been established for over 27 years, CLI remains amongst the leading offshore providers. The company is profitable, pays regular dividends and continues to maintain a healthy level of solvency. This strong financial position has enabled us to successfully grow our assets under administration from 1.5 billion in 2002 to 8.8bn as at 31 December 2013 (combined figure for CLI, CLIA and CLII). CLI Institutional CLI Institutional Limited (CLII) is a specialist life insurance company, established in CLII s business is focused on the UK Ultra High Net Worth market, with the minimum single premium investment set at 1m. Designed with the policyholder in mind, CLII s constitutional documents, regulatory licence and operating procedures place constraints on the types of business that can be written and to whom policies can be issued. This is in order to make sure that policyholders are protected from certain business risks that other insurance companies might take, and which policyholders generally have little control over. Canada Life International Assurance (CLIA) is the latest addition, established in Capitalised at inception with in excess of 5m, and significantly exceeding the minimum solvency margins requested by the CBI. It immediately benefits from the strength and stability of the Canada Life group. Traditionally, Eurozone companies operating offshore into the UK market have had to carry additional reserve to address the inherent risks associated with cross-currency income and expenses. From inception CLIA has entered an outsourcing arrangement with CLI to utilise experience and service. As a result the cost-base is within a sterling-based environment. This will enable CLIA to grow and increase the euro-based operation in a controlled way to mitigate risk. 1 AKG is an actuarial based consultancy specialising in the provision of ratings, information and market assistance to the financial services industry. The aim of AKG s Annual Ratings is to assist professional financial advisers to assess the strengths, solvency, strategy and service of the top offshore life assurance companies. 13

15 Our expertise in the offshore market is underpinned by over 27 years of experience. Our latest combined offshore assets under administration are 8.8bn*. * As at 31 December

16 Canada Life Investments Investments Canada Life Investments is a UK-based asset manager responsible for managing over 30bn of assets across equities, fixed interest and property 1. We have a long history of managing assets in the UK. Our first unit trust launched in 1971 and our 46-strong investment team, based in the City of London, have an average industry experience of 16 years. We strongly believe active management can deliver returns in excess of the market over the long-term. Our approach to investments is pragmatic: Our managers are empowered to think independently and act on their convictions to achieve the best possible results within the strict risk parameters of their mandates. The majority of our fund range is managed from London, but we also offer a small number of funds managed in partnership with companies within the Great-West Lifeco group and associated companies in Canada, the US and Ireland. This allows us to bring leading investment specialists in the field of multi-asset, total return, high yield bond, infrastructure and global resources to the UK market. Past performance is not a guide to future performance. The value of investments may fall as well as rise and investors may not get back the amount invested. Income from investments may fluctuate. Currency fluctuations can also affect performance. 1 As at 31/12/13 We are dedicated to the adviser market and have built our investment proposition with the adviser in mind, providing solutions and building blocks depending on the needs of the investor. Our fund range focuses on delivering positive returns over the long term and nine of our OEIC and Unit Trust funds have track records dating more than 10 years. LH15

17 Investment with vision RH16

18 Canada Life Group Insurance UK DIVISION Group Insurance Canada Life Group Insurance has been providing award-winning group risk products for more than 40 years. As one of the largest UK providers in this market, we cover in excess of 2½ million people through our employee benefit schemes. Expertise Group Risk business placed with Canada Life Group Insurance is in the safe hands of a specialist team that understands the needs of its insured customers. We are committed to building strong relationships with our advisers and their corporate clients. Our dedicated Group Insurance office in Bristol handles every aspect of group risk business for all our core products Group Life Assurance (GLA), Group Income Protection (GIP) and Group Critical Illness (GCI). From quotations, risk assumption and day-to-day service to medical underwriting and claims management, our expert teams provide the support needed. As a member of two leading multinational pooling organisations, we can offer multinational employers the opportunity to link their Group Risk schemes around the world, allowing them to benefit from local support with world-wide accounting. The Group Insurance website, offers intermediaries easy access to our regular product and legislative bulletins and interactive calculators, designed to make benefit calculations simple. There is also a wide variety of material to suit the needs of advisers, employers and employees. In addition, we have a full library of online webcasts offering product information, outlining our service provision and giving legislative guidance. And of course, there is access to CL@SS, our fully automated online system, supporting small scheme business. Flexibility of approach and sustainable, appropriate pricing are important factors. Our schemes vary in size from two members to many thousands but our goal is to offer all of our customers the very highest standards of service and support. Additional services that we offer include: Our core products are carefully tailored to offer employers and their employees a valuable benefits package which goes beyond the purely financial- Our dedicated Claims Management Services team provides specialist guidance and rehabilitation support, through medically trained Rehabilitation Consultants, helping GIP scheme members make a successful return to the workplace. GIP scheme members, claimants and uninsured employees of the company benefit from the availability of EmployeeCare, an employee assistance programme (EAP) providing support for a huge range of work and life services. Best Doctors offers confidential medical advice and an expert second opinion service for all GIP scheme members, their families and any non-insured employees of their employer. Insured GCI scheme members also enjoy access to this service. The qualified nursing counsellors of RedArc offer practical and emotional support for GCI members when they make a claim and most need it. A bereavement counselling service and probate helpline is available to help the families of deceased insured members under our GLA schemes and provides support for the scheme member if they themselves suffer a bereavement. BusinessCare gives employers access to a single, inclusive business support package, delivering a wide range of professional information and advice on all matters related to running a legally and health and safety compliant business. These valuable, additional services allow us to offer so much more than purely the financial security available through our products and can be used on a daily basis by eligible service users. 17

19 Exceeding and Delivering Group Excellence. The EDGE defines our commitment to our customers, emphasising our determination to provide the highest quality of service and support. 18

20 For further information about Canada Life Limited, please visit Canada Life Limited, registered in England no Registered office: Canada Life Place, Potters Bar, Hertfordshire EN6 5BA. Telephone: Fax: Member of the Association of British Insurers. Canada Life International Limited, registered in the Isle of Man no CLI Institutional Limited, registered in the Isle of Man no C. Registered office: Canada Life House, Alexandra Road, Castletown, Isle of Man IM9 1TG. Telephone: +44 (0) Fax: +44 (0) Canada Life International Assurance Limited, registered in Ireland no Registered office: Irish Life Centre, Lower Abbey Street, Dublin 1. Telephone: Member of the Association of International Life Offices. Canada Life Limited is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Canada Life International Limited and CLI Institutional Limited are Isle of Man registered companies authorised and regulated by the Isle of Man Insurance and Pensions Authority. Canada Life International Assurance Limited is authorised and regulated by the Central Bank of Ireland R/3(i)