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Daily Insurance Industry News
Tuesday 25th of September 2018
October 26, 2009

Standard Life’s Canadian business may go up for sale

by Gill Montia

Story link: Standard Life’s Canadian business may go up for sale

Standard Life’s Canadian business may go up for sale

Standard Life is believed to have asked advisers to review its Canadian business with a view to a sale, The Independent has reported.

Such a move would have come only days after the Edinburgh-based insurer announced that David Nish is to succeed Sir Sandy Crombie as group chief executive officer, effective from 1st January.

The insurer’s Canadian unit posted a loss £102 million loss in 2008 (based on IFRS accounting standards) but is expected to return to profit in 2009.

Last month, rumours emerged that the group was in talks to sell its banking unit, which is valued at between £200 million and £300 million, with Barclays linked to a potential sale.

In the first six months of 2009, Standard Life saw profit slump 35%, as pension sales weakened and asset values fell.

Pre-tax operating profit came in at £348 million for the period, down from £534 million a year earlier.

Net inflows from worldwide life and pensions operations stood at £662 million, compared with £1,842 million in the same period of 2008 and UK life and pensions sales slid 24%.

 

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