Claim against insurers

RNS Number : 5098V

Standard Life plc

14 January 2013

 



Standard Life plc

Standard Life claim against insurers of 2008/2009 Professional Indemnity Policy

On 1 February 2012 a judgment was handed down in the Commercial Court in London in favour of Standard Life Assurance Limited (SLAL) in its claim of approximately £100m against the insurers of its 2008/2009 Professional Indemnity Policy in relation to the Standard Life Pension Sterling Fund.  The insurers made payment to SLAL in accordance with the judgement and appealed that decision.  Accordingly, SLAL recorded a provision for the whole sum paid by the insurers.

On 18 December 2012 the Court of Appeal handed down a judgment upholding the decision of the Commercial Court, dismissing the insurers' appeal and finding in favour of SLAL.  In addition, SLAL was awarded its costs in the appeal.  On 11 January 2013, SLAL received notification from the lawyers acting for the insurers that they will not seek leave to appeal to the Supreme Court.  Accordingly, SLAL has released the provision, and a credit of approximately £100m before tax will be recognised in the income statement of SLAL for the year ended 31 December 2012.

For further information, please contact:

Media: Barry Cameron Direct: 0131 245 6165 Mobile: [phone] Email: [e-mail]

Institutional Equity Investors: Lorraine Rees Direct: 0207 872 4124 Mobile: [phone] Email: [e-mail]

14 January 2013

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