Standard Life will take a £45 million hit after announcing plans to close its business in Singapore.
The life, pensions and asset management giant said its insurance business in Singapore would no longer accept new applications or contributions to existing plans, with immediate effect. It will contact all customers in the area with an in-force plan to offer them a closure value.
In a brief stock exchange announcement, the Edinburgh-based firm said the closure – which represent a very small part of the overall group – would give rise to a non-operating loss “in the order of £45m”.
This will be reported within discontinued operations in Standard Life’s half-year results, which are due on 4 August, alongside the gain on the sale of its Canadian operations of about £1.1 billion.
Last week it emerged that the head of Standard Life’s vast asset management arm, Keith Skeoch, would be stepping up to group chief executive after the firm announced that David Nish was stepping down.
Nish, who was at the helm for about six years and also a director of the company for nine years, will resign on 5 August, and is credited with transforming the FTSE 100 group during his tenure.