Multinational insurer Standard Life says goodbye to Singapore

The closure will generate a $95m loss.

Multinational insurer and asset manager Standard Life today said that it is closing its Singapore office. 

The business will no longer accept new applications or contributions to existing plans with immediate effect.

Standard Life said that it will contact all customers in Singapore with an in-force plan to offer them a Closure Value. 

The Closure Value will be the higher of the total of all contributions received by Standard Life and any bonus allocation, plus an 8% enhancement paid into the plan, or the plan value plus an 8% enhancement paid into the plan.

The closure will give rise to a non-operating loss in the order of $95m (£45m) covering impairment of intangibles, including deferred acquisition costs, as well as other costs of closure.