I was not aware that Standard Life has been operating in Singapore. Now they are shutting down their operations and writing off US$71 million in non-operating loss.
Standard Life Plc is shutting its insurance division in Singapore, as the Edinburgh-based company moves its focus toward asset management.
Standard Life will incur a non-operating loss of about 45 million pounds ($71 million) from the closing, the company said in a statement on Thursday. The loss will be reported within half-year results on Aug. 4. along with a gain from the sale of its Canadian unit of about 1.1 billion pounds, it said.
The shutdown is “subject to regulatory approvals, and the business will no longer accept new applications or contributions to existing plans with immediate effect,” Standard Life said.
Scotland’s largest insurer named the head of its fund management unit, Keith Skeoch, chief executive officer last week as the company cuts back operations that require more capital. It sold its Canadian division to Manulife Financial Corp. for 2.2 billion pounds in 2014 and bought Ignis Asset Management Ltd. in March 2014, helping boost assets and fee-based revenue.