Standard Life takes £45m hit from Singapore closure

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Standard Life will take a £45m hit following the closure of its Singapore insurance business.

In a stock exchange announcement this morning, the provider says that, subject to regulatory approvals, the business will no longer accept new applications or contributions to existing plans with immediate effect.

Standard Life will pay all affected customers an 8 per cent enhancement on the value of their plan.

Standard Life says: “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.

“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 £1.1bn.”