Standard Life Aberdeen is to sell its insurance business to Phoenix Group in a £3.2bn deal.
The firm said the disposal of the 'capital intensive' insurance arm will make it more nimble. Standard Life Aberdeen will retain its platforms and advice arm, 1825, which currently sit within the insurance division.
Standard Life Aberdeen chair Gerry Grimstone said: “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 [in 2014] 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.”
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