Standard Life insurance, which refers to Standard Life Assurance Limited which is the historic Scottish life insurance and pensions company founded in 1825 in Edinburgh, was bought by Phoenix Group Holdings plc which is a large UK life insurance and pension consolidator based in London. The acquisition was announced in 2018 and completed in 2018, where Phoenix Group acquired Standard Life Assurance Limited from Standard Life Aberdeen, now called Abrdn plc, for around 3 billion British pounds, making Standard Life Assurance a subsidiary of Phoenix Group. Under deal, Standard Life Aberdeen retained its asset management business and entered into strategic partnership with Phoenix Group to manage assets. Today, Standard Life operates as a brand within Phoenix Group for new pensions and savings business in UK, while Phoenix Life brand manages closed book policies. Standard Life Assurance continues to administer existing life and pension policies and sell new workplace pensions and retail savings under Standard Life name. So buyer was Phoenix Group Holdings, FTSE 100 company with over 280 billion pounds assets, and Standard Life is now part of Phoenix Group, not independent, though Abrdn retains Standard Life brand for investments under license.
1 votes
Marked as accepted