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Standard Life Aberdeen Sells Insurance Business to Phoenix Group for £3.24 billion, Acquires 19.99% Stake

Standard Life Aberdeen has sold their insurance business to Phoenix Group for £3.24 billion, £2.28 billion in cash and 19.99% shareholding in Phoenix Group.  The transaction will create a strategic partnership with Phoenix Group providing a long-term source of assets, access to retail customers as well as the opportunity for wider collaboration.

” Standard Life Aberdeen Sells Insurance Business to Phoenix Group for £3.24 billion “

The sale is part of Standard Life Aberdeen’s strategy to build a world-class investment company.  The strategic partnership with Phoenix Group includes access to over £158 billion of assets under management (AUM), review of investment mandates by Phoenix Group not managed by Aberdeen Standard Investments, and to be the asset manager of choice for Phoenix Group.  Other than the 19.99% shareholding,  Standard Life Aberdeen will also have representation on Phoenix Group board.

Aberdeen Standard Investments will continue to manage £110.5 billion of AUM after the sale, while Phoenix Group will continue to provide and administer insurance products to Standard Life Aberdeen’s Retail Platforms.  The sale is expected to complete in Q3 2018.

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Sir Gerry Grimstone, Chairman of Standard Life Aberdeen:

“This transaction completes our transformation to a capital light investment business, a process started in 2010 with the sale of Standard Life Bank, continuing with the sale of our Canadian business and the merger last year between Standard Life and Aberdeen Asset Management. This transaction represents excellent value for our shareholders, including a comprehensive and mutually beneficial strategic relationship entered into with Phoenix Group, a longstanding partner of the firm. In addition, I am particularly pleased to note Phoenix Group’s commitment to maintain operational headquarters in Edinburgh.”

 

Martin Gilbert and Keith Skeoch, Co-CEOs of Standard Life Aberdeen:

“Today’s announcement represents a logical next step in Standard Life Aberdeen’s journey to build a world-class investment company positioning us strongly for the future and enabling us to meet the evolving needs of our customers and clients. We have a diverse range of modern investment capabilities with global distribution and our leading UK retail platforms are growth engines generating significant net inflows for our asset management business.

The enhancement of our strategic partnership with Phoenix Group is evidence of our market-leading insurance asset management capabilities. It is also a great opportunity for wider collaboration as the asset manager of choice for Phoenix Group who see further significant consolidation opportunities. With the foundations of a world-class investment company in place we look forward to capitalising on the opportunities that we see ahead of us whilst continuing to deliver for our shareholders.”

Source: Official Press Release

 

About Standard Life Aberdeen

Standard Life Aberdeen plc is a leading global investment company. We have operations in 50 locations worldwide and employ around 9,000 people. We are dedicated to helping our clients and customers invest for their future. Our expertise and resource enables us to offer a wide range of investment solutions and services designed to meet their needs today, tomorrow and for the longer term. We manage, administer and advise on £670 billion* of assets worldwide.

Standard Life Aberdeen plc is headquartered in Scotland. It has around 1.2 million shareholders and is listed on the London Stock Exchange. The Standard Life Aberdeen group was formed by the merger of Standard Life plc and Aberdeen Asset Management PLC on 14 August 2017.

  • Origin : United Kingdom
  • Employees : 9,000

Official Website: Standard Life Aberdeen

News & Media: Press Release

Updated on 14th August 2017

 

About Phoenix Group

The Group is a closed life assurance fund consolidator that specialises in the management and acquisition of closed life and pension funds, and operates primarily in the United Kingdom. Measured by total assets, the Group is the largest UK consolidator of closed life assurance funds. The Group has over 6.1 million policyholders and £76 billion of assets held by the Group’s life companies.

The Group’s core business segment: life assurance (including its management services operations) is referred to as ‘Phoenix Life’. The Group has four operating life companies which hold policyholder assets and a distribution business, SunLife.

Visit: Phoenix Group




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