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

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...