Standard Life to close Singapore insurance business

Standard Life has stated 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. The closure will give rise to a non-operating loss in the order of GBP45 million 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 August 4, 2015, alongside the gain on the sale of its Canadian operations of around GBP1.1 billion. Standard Life said it contacted all customers in Singapore with an in-force plan to offer them a closure value.