Standard Life reports strong business growth in Canada despite market turbulence
Premiums and deposits up 11% over last year
Thursday, October 30, 2008
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The Standard Life Assurance Co. of Canada today reported strong business growth and reiterated the strength of its balance sheet and capitalization for the first nine months of 2008.
Growth in premiums and deposits was achieved despite the adverse impact of the recent financial crisis on retail market’s sales, the firm said.
Premiums and deposits rose 11% to $3.7 billion compared to $3.3 billion for the same period in 2007. The insurer noted strong sales in group savings and retirement and group insurance.
The quality of its balance sheet “remains very strong despite an unprecedented deterioration of global capital markets,” Standard Life said in a release.
“Our conservative business and investment management policies have resulted in a balance sheet that is both solid and resilient, and allows us to remain very strongly capitalized despite the current conditions. Our exposure to U.S. troubled companies such as: AIG, Lehman Brothers, Merrill Lynch, Wachovia and Washington Mutual represents approximately only two-tenths of 1% of the total assets managed by Standard Life in Canada,” Joseph Iannicelli, president and CEO, said in a release.
Standard Life is subject to Minimum Continuing Capital Surplus Requirements (MCCSR). The Office of the Superintendent of Financial Institutions requires life insurance companies to maintain specific MCCSR ratios. With an MCCSR ratio of 211% Standard Life was well above minimum regulatory capital levels as at September 30, the insurer said.
Today, the firm’s parent company, Standard Life plc, also announced that its capitalization remains solid, with its regulatory surplus as at Sept. 30, largely unchanged from that of Dec. 31, 2007.
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