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Manulife puts an end to the external sales of individual annuities

by

Alain Thériault

,

Andrea Lubeck

June 20, 2018 09:25

Photo : Freepik

Manulife shall cease the external sales of individual annuities as of 29 June, according to information obtained by the Journal of insurance and confirmed by the insurer. This decision comes after an evaluation of the product portfolio “so that it meets the changing needs of Canadians,” said Anne-Julie Gratton, a spokesman for Manulife.

Ms. Gratton also added that there would be no change to the pension contracts existing. Manulife will continue to offer contracts of variable annuities and individual contracts for group annuities.

“The new contracts of fixed annuity individual Manulife can still be opened after the June 29, 2018 for internal transfers and we will continue to issue new annuity contracts individual when the contractual arrangements allow a transfer-to-maturity. We have not taken this decision lightly and believe that even after this change, our range of products today offers excellent solutions to meet the needs of Canadians, ” said Ms Gratton.

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