Canadian Transations

RNS Number : 3284T

Standard Life plc

12 December 2012

 



Standard Life plc

Standard Life announces disposal of a further two Canadian properties 

Standard Life plc today announces that its subsidiary, The Standard Life Assurance Company of Canada, has disposed of two office properties, located in Eastern and Central Canada.  This follows the recent disposal of two properties in Western Canada and the renegotiation of an existing reinsurance agreement, as announced on 15 November 2012.  These transactions will all contribute to operating profit before tax for the year ending 31 December 2012 with the aggregate one-off contribution of all of these transactions now expected to total approximately £140m.

Jackie Hunt, Chief Financial Officer, commented today: "At Standard Life, our focus is on maximising shareholder value and driving more effective management of liabilities.  Today we have announced transactions in Canada intended to achieve that purpose.  We have taken advantage of significant demand in the market for premier quality investment properties across Canada, while at the same time reducing exposure to property as an asset class.  Excluding these transactions, our Canadian business continues to trade in line with expectations." 

12 December 2012 

For further information please contact: 

Lorraine Rees, Investor Relations Director	44 (0)207 872 4124/ 44 (0)7738 300 878
Jakub Rosochowski, Investor Relations Senior Manager	44 (0)131 245 8028/ 44 (0)7515 298 608
Nicola McGowan, Senior Media Affairs Manager	44 (0)131 245 4016/ 44 (0)7872 191 341

 

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