The Standard Life Assurance Co. announced today that the transfer of substantially all of the business of the Canadian branch of to its wholly owned Canadian subsidiary, The Standard Life Assurance Co. of Canada, is now completed.

This transaction, which was approved by the Office of the Superintendent of Financial Institutions and the Minister of Finance, allowed Standard Life to restructure its business in Canada.

Standard Life says the new structure will enhance the competitive position of Standard Life Canada and will help the company to pursue its overall growth plan. A new holding company, Standard Life Financial Inc., has been created to hold most of Standard Life’s Canadian subsidiaries, including Standard Life Canada.

“The transfer of business has been a success. It was well received by our stakeholders and our clients, who now see in The Standard Life Assurance Company of Canada an independent entity with greater flexibility and competitive strength. Domestication will allow access to cost-efficient sources of capital to help us pursue our development plans,” said Joseph Iannicelli, president and CEO, Standard Life Canada.

Standard Life Canada and its affiliated companies have $33.1 billion in assets under management .