Standard Life Aberdeen sells insurance arm to Phoenix for £3bn

Retains platform and financial advice business

Jenna Towler
clock • 3 min read

Standard Life Aberdeen has sold its insurance business to Phoenix Group in a £3bn deal.

Standard Life Aberdeen will retain its adviser platforms Wrap, Elevate and Parmenion and financial advice business 1825.  The sale sees the disposal of Standard Life Assurance with the transfer of the UK mature retail and spread/risk books to Phoenix. It has also disposed of the Europe, UK retail and workplace businesses, an announcement to the stock exchange said.  On completion Standard Life Aberdeen will receive total consideration of £3.24bn, comprising cash consideration of £2.28bn and a shareholding of 19.99% in Phoenix Group. Standard Life Aberdeen chairman Gerry Grimstone s...

To continue reading this article...

Join COVER for free

  • Unlimited access to real-time news, key trend analysis and industry insights.
  • Stay on top of the latest developments around health and wellbeing, diversity and inclusion and the cost of living crisis.
  • Receive breaking news stories straight to your inbox in the daily newsletter.
  • Members only access to monthly programme 'The COVER Review'
  • Be the first to hear about our CPD accredited events and awards programmes.

Join now

 

Already a Cover member?

Login

More on Insurer

DeadHappy closes doors to new life insurance customers

DeadHappy closes doors to new life insurance customers

Existing policies are protected

Jaskeet Briah
clock 18 March 2024 • 2 min read
EDI has a positive impact on business: CII

EDI has a positive impact on business: CII

Improving representation has the most impact

Cameron Roberts
clock 13 March 2024 • 1 min read
Ann-Marie O'Dea replaces Stuart Tragheim as AFM chair

Ann-Marie O'Dea replaces Stuart Tragheim as AFM chair

Andy Morris named vice-chair

Jaskeet Briah
clock 01 March 2024 • 1 min read