Canada Transactions

RNS Number : 1901R

Standard Life plc

15 November 2012

 



Standard Life plc

Standard Life announces disposal of two properties and renegotiation of reinsurance arrangement in Canada

Standard Life plc today announces that its subsidiary, The Standard Life Assurance Company of Canada, has disposed of two office properties (subject to final registration), located in Western Canada, and separately renegotiated an existing reinsurance arrangement.  These transactions will contribute to operating profit before tax for the year ending 31 December 2012 with the aggregate one-off contribution of the transactions expected to be approximately £75m on completion.

Jackie Hunt, Chief Financial Officer, commented today: "At Standard Life, our focus is on maximising the value of shareholder assets and driving more effective management of liabilities.  We have today announced transactions in Canada that reflect that focus.  We have taken advantage of significant demand in the market for premier quality investment properties across Canada, while at the same time reducing shareholder exposure to property as an asset class.  Separately, the renegotiation of an existing reinsurance arrangement has also helped to improve the risk profile of our business while having a positive impact on both capital and operating profit.  We will continue to explore further management actions.  Excluding these two transactions, our Canadian business continues to trade in line with expectations."

15 November 2012

For further information please contact:

Jakub Rosochowski, Investor Relations Senior Manager	44 (0)131 245 8028/ 44 (0)7515 298 608
Craig Cameron, Investor Relations Analyst	44 (0)131 245 3848/ 44 (0)7515 298 330
Nicola McGowan, Senior Media Affairs Manager	44 (0)131 245 4016/ 44 (0)7872 191 341

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