Standard Life Aberdeen sells £3.24bn insurance business to Phoenix
Standard Life Aberdeen is selling its insurance business to UK-based insurance services provider Phoenix Group for a total consideration of £3.24 billion.
The sale price includes £2.28 billion in cash and a 19.99 percent shareholding in Phoenix Group.
The sale involves the disposal of Standard Life Assurance Limited, with Standard Life Aberdeen retaining its UK retail platforms and financial advice business. The businesses transferring to Phoenix Group as part of the sale include the UK Mature Retail and Spread/risk books and the Europe, UK Retail and Workplace businesses.
Standard Life Aberdeen also said that it expanded its strategic partnership with Phoenix Group providing a long-term source of assets, access to retail customers as well as the opportunity for wider collaboration.
Commenting on the transaction, Gerry Grimstone, chairman of Standard Life Aberdeen, 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 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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