25th Jun 2015 06:08
LONDON (Alliance News) - FTSE 100-listed Standard Life PLC Thursday said it will close its insurance business in Singapore, resulting in a non-operating loss of GBP45 million.
The move means that the business is no longer accepting new applications or contributions to existing plans.
The GBP45 million cost covers impairment of intangibles, including deferred acquisition costs and other costs of closure.
The life and investments company said it will contact customers in Singapore with an in-force plan to offer them a closure value.
By Samuel Agini; [email protected]; @samuelagini
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