The firm that provides wealth and asset protection products saw big rises in sales via the Isle of Man and Ireland.

Canada Life International’s sales for the first half of 2017 rose 60 per cent £566 million ($735.8 million) year-on-year. The firm provides wealth protection policies through structures as offshore bonds.

Total new business sales were handled through its combined Isle of Man and Dublin based offshore businesses.  Sales through both jurisdictions rose, with Isle of Man sales up 33 per cent and Dublin up 72 per cent, Canada Life said in a statement yesterday.

Total assets under administration rose to £14.6 billion at the end of June, £2 billion up on June 2016, a rise of 15 per cent.

“Our 2017 year to date results reflect the successful ongoing execution of our strategy which was formulated last year.  The strategy identified the continued importance of institutional sales to our business whilst at the same time highlighting an opportunity to increase our penetration of the UK retail market.

“The addition of a capital redemption bond option from both our Isle of Man and Dublin businesses has proved to be very attractive, with the Dublin version in particular addressing an obvious gap in the market. Our estate planning sales are also strong this year and we have seen increased demand for our protection products which are used to cover potential liabilities to UK inheritance tax. This product is particularly attractive to UK resident non-domiciled individuals looking for an offshore protection solution,” Sean Christian, Canada Life’s executive director for its international businesses, said.

Canada Life is part of a group of companies controlled by Great-West Lifeco Inc., a diversified financial services holding company headquartered in Winnipeg, Canada.