Canada Life has completed its acquisition of Retirement Advantage, to enable it to better target growth in the UK’s growing equity release and retirement markets.

The deal, which was announced over the summer and which has taken place for an undisclosed fee, sees Canada Life add around 30,000 pension and equity release customers to its book, as well as over £2bn of assets under management, including a £1.5bn block of in-force annuities. Retirement Advantage CEO Craig Fazzini-Jones will be joining Canada Life UK as its chief operating officer.

The move marks another stage in the consolidation of the annuity sector. The open market for annuities now comprises just Aviva, Canada Life and Legal & General for standard and enhanced rates, Scottish Widows and Hodge Lifetime for standard rates and Just Retirement for enhanced rates only.

Canada Life UK executive vice-president and chief executive officer Doug Brown says: “We’re delighted the acquisition of Retirement Advantage has been concluded. Canada Life holds leading positions in many of our chosen markets. With the acquisition of Retirement Advantage, we are well positioned to build on our combined skills and experience to become a leader in the broader retirement market.”

Paul Mahon, president and CEO of Great-West Lifeco, which wholly owns The Canada Life Group (U.K.) Limited, says: “This transaction strengthens Canada Life’s scale and capabilities in the growing United Kingdom retirement income market, and further strengthens Canada Life’s position as a leading insurer in the UK.”

Fazzini-Jones says: “We join Canada Life at an exciting time as the retirement market continues to evolve. With ambitious plans, innovative products and a financially strong parent we are in a good position to support advisers and help their clients while delivering value to the Canada Life group.”