Lines of business
Retirement solutions
Annuities are contracts
sold by life insurers that
pay a guaranteed regular
income in exchange for
upfront contributions.
Income can start right
away, or in the future.
These products protect
individuals from outliving
their savings and are often
used to provide retirement
income.
Sold as: Seventy per cent
of annuities is purchased
through a group plan.
2022 annuity contributions
30%
70%
Group plans
Individual policies
Related products:
Accumulation annuities;
pay-out annuities; and
segregated funds.
Life and health insurers manage retirement savings for
over 9 million Canadians
Over eighty-five per cent of small businesses that provide pensions, RRSPs, TFSAs, and
RRIFs to their employees offer these through life and health insurers.
Benefits of owning annuities
Annuities aren't like other retirement income
products. Here's what they offer that's different:
Lifetime income benefits
reduce the risk of outliving
your savings
Pension plan de-risking by
transferring the investment
risks of defined benefit plans
to insurers to manage
Maturity guarantees
mitigate the risk of
volatile investment returns
Sources of annuity
contributions
$
62.2B
2022 annuity
contributions
Pension plans
RRSPs & TFSAs
RRIFs
Non-registered
savings
Canadian Life & Health Insurance Facts // 2023 Edition
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