MONTREAL, Jan. 6, 2005 – Mr. Joseph Iannicelli, President and Chief Executive Officer of The Standard Life Assurance Company of Canada (“Standard Life Canada”), announced today that the transfer of substantially all of the business of the Canadian branch of The Standard Life Assurance Company, to its wholly-owned Canadian subsidiary, Standard Life Canada, is now completed.
This transaction, which was approved by the Office of the Superintendent of Financial Institutions (OSFI) and the Minister of Finance, allowed the Company to restructure its business in Canada. The new structure will enhance the competitive position of Standard Life Canada and will help the Company to pursue its overall growth plan. A new holding company, Standard Life Financial Inc., has been created to hold most of Standard Life’s Canadian subsidiaries, including Standard Life Canada.
Mr. Iannicelli indicated that “the transfer of business has been a success. It was well received by our stakeholders and our clients, who now see in The Standard Life Assurance Company of Canada an independent entity with greater flexibility and competitive strength. Domestication will allow access to cost-efficient sources of capital to help us pursue our development plans.”
In Canada, The Standard Life Assurance Company of Canada and its affiliated companies have $33.1 billion in assets under management and offer a wide range of financial products, including group savings and retirement, group insurance, individual life insurance, savings and retirement, and mutual funds. They also provide portfolio management and real estate and mortgage investment services. Total premium income and deposits reached $3.9 billion in 2003 with over 1.2 million customers. ( www.standardlife.ca )
Founded in Edinburgh (Scotland) in 1825, The Standard Life Assurance Company is a mutual company. On 31 March 2004, it was announced that the Standard Life Board had concluded that, in principle, proceeding towards a demutualisation of the Company was in the best interests of the Company and its policyholders. The current timetable envisaged is that a proposal will be put to members by the 2006 Annual General Meeting for implementation as soon as practicable thereafter. The Company has $206.3 billion in assets under management and over 7 million customers around the world. ( www.standardlife.com )
