Phoenix Group and Standard Life are not the same company historically, but they are now closely related with Standard Life being owned by Phoenix Group in the United Kingdom, which causes confusion. Standard Life is a historic Scottish life insurance and pensions company founded in 1825 in Edinburgh, known for life insurance, pensions, and investment products. Phoenix Group Holdings plc is a large UK life insurance consolidator based in London that grew by acquiring closed life insurance funds. In 2018, Phoenix Group acquired Standard Life Assurance Limited from Standard Life Aberdeen for around 3 billion pounds, making Standard Life Assurance part of Phoenix Group, while Standard Life Aberdeen retained asset management business now called Abrdn. Today, Standard Life operates as a brand within Phoenix Group for new pensions and savings business, while Phoenix Life is the brand for closed book policies. So they are not the same historically, but Standard Life Assurance is now a subsidiary and brand of Phoenix Group Holdings, sharing financial strength and administration, with both regulated by UK regulators and operating with over 280 billion pounds assets under administration combined.
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