A Court of Session ruling in Edinburgh has given final approval for the transfer of almost €19bn in assets to Dublin-based Standard Life International.
“On behalf of our customers, we are delighted with the positive court ruling,” said Standard Life International chief executive Nigel Dunne (pictured).
“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,” he said.
Around 600,000 Irish, German and Austrian Standard Life customer policies will legally transfer to Standard Life International in order to avail of EU passporting rights post Brexit.
There has been an increase of around 20 professional staff to support the business in areas of risk, finance and actuarial services.
Standard Life’s operations in Ireland will have combined assets under administration of €26 billion when the assets transfer post-March 29.
Dublin-based Standard Life is set to become the second largest life company, after Irish Life, serving domestic customers in Ireland post-Brexit following the ruling.
Irish Life is the largest insurer serving domestic customers with €47bn AUA based on year-end 2017 figures.
Standard Life International will move into second place with over €26bn, moving Zurich into third position with €21bn AUA.
Aviva has circa €14bn AUA according to a Report of the Independent Expert.