Standard Life plc Closure of Singapore branch (1577R)
June 25 2015 - 2:00AM
UK Regulatory
TIDMSL.
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 GBP45m 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 GBP1.1bn.
Enquiries:
Media Enquiries +44 (0) 131 245 1365*
Steve Hartley +44 (0) 7702 934 651
Group Secretariat
Paul McKenna +44 (0) 131 245 1168*
* Calls may be monitored and/or recorded to protect both you and
us and help with our training. Call charges will vary.
END
This information is provided by RNS
The company news service from the London Stock Exchange
END
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