Standard Life to close Singapore insurance business
Standard Life said on Thursday that it will 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.
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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, the company said.
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 around £1.1bn.
Standard Life said it contacted all customers in Singapore with an in-force plan to offer them a closure value.
Shares closed down 1.1% at 478.20p on Wednesday.