Insurer Canada Life has appointed Tom Evans to the position of managing director of retirement.
Evans was appointed as interim MD of retirement in Autumn 2022 after being MD of home finance for almost five years.
In total, Evans has worked for Canada Life for nine years, but will still continue to report to Canada Life UK chief executive Lindsey Rix.
Evans has previously worked for The Phoenix Group and Ernst & Young.
Rix said: “Since his appointment as interim MD last Autumn, Tom has played a key role in bringing together individual annuity and home finance into one retirement business. His wealth of expertise and leadership, combined with a deep understanding of our markets and our industry, are a real asset in driving forward this important part of our business.
“Tom will play a vital role in our focus to continue understanding and meeting our customers’ evolving needs.”
Evans added “It’s exciting to be leading the retirement division forward at a time of such significant opportunity for our business and customers. I’m looking forward to working with my team to build on the fantastic work done so far to maximise the opportunities that our individual annuity and home finance business units present.”
Also in May, Canada Life agreed to sell its individual onshore protection business to Countrywide Assured after it quit the individual protection market last November.
The sale, which was announced on 16 May, is subject to the completion of a court-approved Part VII transfer.
It will see around 47,000 customer policies transferred to Countrywide Assured, a subsidiary of Chesnara. The insurer is expected to complete the transfer in 2024.
Last November, Canada Life made a shock announcement that it was exiting the individual protection market to focus on other priorities.
The insurer did not give reason for the exit but experts speculated that it was a tough sector battered by the squeeze on people’s incomes.
