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Company Standard Life plc
TIDM SL.
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Canadian Transations

Released 07:00 12-Dec-2012
Number 3284T07

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

 

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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Canadian Transations - RNS