Standard Life narrows losses
THE Dublin-based offshore investment business of Standard Life International narrowed losses to £12.5m (€14.1m) last year despite a 47pc fall in payments from policyholders.
Standard Life International has been trading since early 2006, selling investment bonds to Standard Life's UK customers. Accounts just filed with the Companies Office show the business notched up net revenue of £101.5m last year, well up on the £37m net revenue loss in 2008.
The improved performance largely reflected the better returns on the investments Standard Life International manages -- in 2008, those investments suffered losses of £40.6m; last year the investments enjoyed a return of £94.7m. The filings also show that Standard Life International continued to make losses during the year, though last year's net loss of £12.5m compares favourably to the £19m lost the previous year.
When Standard Life International initially announced plans to locate in Ireland, it said the move would create 30 new jobs over the three years to 2009. The latest accounts show there are no staff directly working for the company, which said yesterday it draws labour from Standard Life's shared services centre, also based in Dublin.