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Standard Life shuts Singapore insurance business

[LONDON] Insurer and asset manager Standard Life said on Thursday it was closing its insurance operation in Singapore as it focuses on its Chinese and Indian joint ventures and its asset management business.

The closure will generate a non-operating loss of around 45 million pounds (S$94.8 million), Standard Life said in a statement.

The Edinburgh-based firm said it remained committed to its other Asian businesses. "Asia is an important part of Standard Life's strategy with an increasing focus on building on our relationships with Chinese and Indian partners, expanding our asset management presence and growing our wholly-owned business in Hong Kong,"said chief operations officer Sandy Begbie.

Standard Life has been increasingly focusing on asset management rather than insurance. It said last week that chief executive David Nish was standing down, to be replaced by Keith Skeoch, head of the firm's fund management arm.