Closure of Singapore branch

RNS Number : 1577R

Standard Life plc

25 June 2015

 

Standard Life plc

Closure of Singapore Branch

25 June 2015

Standard Life plc ('the Company') today announces its intention to close its insurance business in Singapore, subject to regulatory approvals, and the business will no longer accept new applications or contributions to existing plans with immediate effect.

Standard Life will be contacting all customers in Singapore with an in-force plan to offer them a Closure Value.  The Closure Value will be the higher of:

1.   The total of all contributions received by Standard Life and any bonus allocation, plus an 8% enhancement paid into the plan or,

2.   The plan value, plus an 8% enhancement paid into the plan.

The closure will give rise to a non-operating loss in the order of £45m covering impairment of intangibles, including deferred acquisition costs, as well as other costs of closure.  This will be reported within discontinued operations in Standard Life's Half Year Results on 4 August 2015, alongside the gain on the sale of its Canadian operations of approximately £1.1bn.

Enquiries:

Media Enquiries Steve Hartley	[phone]* [phone]
Group Secretariat Paul McKenna	[phone]*

*  Calls may be monitored and/or recorded to protect both you and us and help with our training.  Call charges will vary.

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