Standard Life in £75m Canadian deals

By GARETH MACKIE
Published on 15/11/2012 08:11

Life and pensions giant Standard Life today said it expects a £75 million boost to profits this year after its Canadian arm sold two office buildings and renegotiated an existing reinsurance deal.

Jackie Hunt, chief financial officer at the Edinburgh-based group, said: “We have taken advantage of significant demand in the market for premier quality investment properties across Canada, while at the same time reducing shareholder exposure to property as an asset class.

“Separately, the renegotiation of an existing reinsurance arrangement has also helped to improve the risk profile of our business while having a positive impact on both capital and operating profit.”

She said the Standard Life Assurance Company of Canada continued to trade in line with expectations but the group would “continue to explore further management actions” to maximise value for shareholders.