Insurance group Canada Life has announced that it is closing its onshore individual protection business in the UK.

The decision comes following an internal review and is part of Canada Life’s strategy to refocus its business strategy.

Following the move, which will impact life insurance and life insurance plus critical illness offerings, Canada Life will not accept applications for these personal protection plans.

Canada Life will continue to operate its group protection, home finance, international offshore protection and annuities business.

Existing customers of the insurer will see no change in their plans and the firm will continue to offer customer support, meet existing contractual obligations, and pay claims, Canada Life said.

The firm will enter into consultation with employees associated with the impacted business, it added.

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By GlobalData

Canada Life protection managing director Tim Stoves said: “I am proud of what we have achieved since 2016 in the individual protection market, but it has become clear we need to make priority calls on where best to utilise our resources as we continue to focus on our core areas of growth.

“Our exit from the onshore individual market allows us to refocus on other areas of our business, including group protection and the international (offshore) protection market.”

Canada Life is a part of Great-West Lifeco, which caters to 30 million customers across the globe with £1.34 trillion in assets under administration as of 31 December 2021.