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.

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