Share

Standard Life Aberdeen has announced that its shareholders have approved the proposed £3.2bn sale of its insurance business to Phoenix Group.

Nearly 99.26% shareholders voted in favour of deal pursuant to which Phoenix acquire Standard Life Assurance Limited (SLAL).

Standard Life inked the agreement to offload the business in February this year. Under the terms of the deal, Standard Life will also receive a 20% stake in Phoenix.

The deal involves sale of Standard Life Assurance, the UK Mature Retail and Spread/risk books and the Europe, UK Retail and Workplace businesses.

However, Standard Life Aberdeen will retain ownership of its UK retail platforms and financial advice business.

Standard Life Aberdeen chairman Sir Gerry Grimstone said: “I’m pleased our shareholders have voted so decisively in favour of our proposals today. The sale of our UK and European insurance business to Phoenix is an important milestone in our company’s history and marks a decisive break from our past as an insurer.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData

“It is an excellent result and demonstrates our shareholders’ overwhelming support for our ambition to become one of the world’s leading investment companies.”