Last checked at 23 Jul 2013 07:00
23 July 2013
STM Group Plc
("STM" or "the Group")
Launch of new German life assurance product
STM Group Plc (AIM:STM), the cross border financial services provider, is pleased to announce the launch of its first proprietary product for the German market through its subsidiary STM Life Assurance PCC Plc ('STM Life').
By working with tax experts and lawyers in Germany, STM Life has developed a product solution that complies with all German tax and insurance regulatory requirements thereby offering significant tax advantages and wealth structuring opportunities for both expatriates and local nationals living in Germany.
The product offers a tax free roll up of gains, dividends and interest with the prospect of reduced taxation of the final policy proceeds after the applicant has reached age 62 and the policy has been in force for at least 12 years. There is an exclusive choice of underlying investments from top-tier investment houses and, combined with the Protected Cell Company Legislation in Gibraltar means that policyholder's assets are 100% protected against any risk of default by the insurance company. Other benefits include a 10% life assurance coverage from inception of the policy, which is unique in the marketplace.
Commenting on the product launch, Colin Porter, CEO of STM, said:
"In our results announcement in March we referred to STM's strategic focus on both STM Life and the Germanic markets.
"The 'STM Life Capital Bond Germany' is early evidence of our ability to identify and innovate to meet the needs of the market in niche areas showing client demand and significant potential. We see this as the launch of the next phase of a number of country specific niche products that utilise all the benefits of being a fully fledged EU life assurer.
"We are confident that STM's focus on delivering for the the new generation of international, mobile, high net worth and mass affluent, through the development of market leading products and a much improved distribution and introducer network will drive the future prosperity of the Group."
For further information, please contact:
STM Group Plc | |
Colin Porter, Chief Executive Officer colin.porter@stmgroupplc.im | Tel: 00 350 200 42686 www.stmgroupplc.com |
Alan Kentish, Chief Financial Officer alan.kentish@stmgroupplc.im | Tel: 00 350 200 78614
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finnCap | www.finncap.com |
Chris Raggett - Corporate Finance Simon Starr - Corporate Broking | Tel: +44 (0) 20 7220 0500 |
Winningtons | www.winningtons.co.uk |
Tom Cooper / Paul Vann | Tel: +44 (0) 20 3176 4722 |
Mob: +44 (0) 797 122 1972 | |
tom.cooper@winningtons.co.uk |
Notes to editors:
STM is an international financial services group which is listed on the AIM Market of the London Stock Exchange and made its first acquisition in 2007. The Group specialises in estate and succession planning and wealth structuring for high net worth individuals and their families. STM's clients include entrepreneurs, celebrities, sports stars and affluent retirees.
Today, STM has operations in Gibraltar, Spain, Jersey, Malta and Cyprus. The Group is looking to expand through the development of additional products and services that its ever more sophisticated clients demand. STM has, for example, incorporated a Gibraltar Life Insurance Company, STM Life plc, which provides life insurance bonds - wrappers in which a variety of investments, including investment funds, can be held. STM has developed a specialist international pensions division which specialises in Qualifying Recognised Overseas Pension Schemes (QROPS), Qualifying Non UK Pension Schemes (QNUPS) and Employer Funded Retirement Benefit Schemes (EFRBS).
Further information on STM Group can be found at www.stmgroupplc.com