Standard Life moves €19bn in assets to Dublin to protect against Brexit

Life company is now the second largest in the Republic

Standard Life International chief executive Nigel Dunne.

Standard Life International chief executive Nigel Dunne.

 

A Scottish court has approved the transfer of almost €19 billion in assets to Standard Life’s Dublin office to ensure continuity of service for Irish customers when the UK leaves the EU.

As a result of the ruling, about 600,000 Irish, German and Austrian customer policies will legally transfer to Standard Life International, the entity based out of Dublin to ensure continued passporting rights post-Brexit.

The company has increased its headcount in Dublin by 20 to support the additional assets which mean its Irish operations will have a combined €26 billion of assets under administration (AUA).

Standard Life’s asset transfer will make it the second largest life company in Ireland post-Brexit, behind Irish Life which has €47 billion in AUA. Zurich, which about €21 billion in AUA will move to third place.

“On behalf of our customers, we are delighted with the positive court ruling,” said Nigel Dunne, chief executive of Standard Life International.

“It allows us to ensure a seamless continuity of service for all our clients which has been our top priority since the 2016 Brexit referendum. Customers will not be inconvenienced and don’t need to take any action, there will be no noticeable difference from their perspective in any Brexit outcome,” he said.

Additionally, Standard Life had to inject around €290 million to its Irish business in order to meet the Republic’s regulatory capitalisation requirements.