Standard Life not planning Canadian sale

British insurer Standard Life is not looking at selling off its under performing Canadian business, according to a source, despite a newspaper report saying that it had asked its advisors to review the unit.

"It is not the case that Standard Life is looking at selling its Canadian business," a source with knowledge of the situation told Reuters on Sunday.

It follows a report in the Independent on Sunday newspaper suggesting that the company has asked its advisors to review the business with a view to selling it off.

A spokesperson for Standard Life refused to comment on whether the Canadian business was being put up for sale.

However outgoing Chief Executive Sandy Crombie told Reuters in August that the company had no plans to sell the Canadian operation.