Manulife will end external sales of individual annuities as of June 29. This decision comes after a review of the insurer’s product portfolio aimed at "meeting the changing needs of Canadians," Anne-Julie Gratton, a spokesperson for Manulife, told The Insurance and Investment Journal.

No changes to existing contracts

Gratton added that no changes would be made to existing annuity contracts. Manulife will continue to offer individual variable annuity contracts and group annuity contracts.

"New individual fixed annuity contracts can still be opened after June 29, 2018 for internal transfers and we will continue to issue new individual annuity contracts when the contractual provisions allow a transfer at maturity. We did not take this decision lightly and believe that even after this change, our current product portfolio offers excellent solutions that meet the needs of Canadians," said Gratton.