Standard Life not a life insurance company

Wed, 09 Apr 2008

Standard Life, the Edinburgh company that was once considered one of the foremost UK life insurance companies, is no longer a life insurance business. Rather, the chief executive of Standard Life Sandie Crombie has spelled out; they are an asset management business.

Crombie maintained that the firm was no longer a life insurance company, having stopped their UK life insurance business. Crombie was reported as commenting: "We don’t think of ourselves as a life insurance business. I am just not in that business anymore...I cannot economically reach that market."

Crombie spoke out at the FSA annual insurance conference. Giving further insight into the influence of the credit crunch on the industry, Crombie was reported as commenting: "It puts immense responsibility on us to run ourselves in such a way that we don’t fall foul of these crises. But it’s not a zero-failure regime."
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