Policyholders with Canada Life are on a surer footing and can expect to come into a free share bonanza by the end of the year. The insurer confirmed this week that its flotation plans are proceeding and should be completed in the autumn.

Thousands of carpetbaggers took out Canada Life with profits policies last year to benefit from the flotation. In its annual new business figures, the company estimated that an additional £8 million had been put into its with-profits policies by shrewd investors. Those who qualify to benefit from the flotation are expected to get free shares worth around £2,000 per policy.