Standard Life is closing its insurance business in Singapore, swallowing a £45m loss, it revealed today.
The FTSE 100 company said the closure would go ahead subject to regulatory approvals, but that it was now no longer accepting new applications or contributions to existing plans.
Customers in Singapore will be contacted with an in-fore plan to offer them closure value, which will be the higher of two options: either the total of all contributions received and bonus allocation, plus an eight per cent enhancement paid into the plan, or the plan value plus an eight per cent enhancement paid into the plan.
The £45m loss covers impairment of intangibles, including deferred acquisition costs, as well as other costs of closure.
It will be reported in Standard Life's half year results, which will be published on 4th August, alongside a £1.1bn profit made from selling its Canadian operations to Manulife, which was completed earlier this year.