Phoenix completes Standard Life Assurance

Phoenix Group has completed the acquisition of Standard Life Aberdeen’s Assurance Limited (SLAL), with the final value for the deal coming in at £3.28 billion, including £2.28 billion in cash and a 20 per cent shareholding in Phoenix Group for SLA.

SLA has has also confirmed plans for returning £1.75 billion to its shareholders, £1 billion to be returned through a new share scheme and £750 million through a share buyback.

The Phoenix Group is the largest consolidator of heritage life insurance books in Europe, using a specialist operating model to manage and integrate heritage books of business.

Over 3,500 employees have now transferred from Standard Life Aberdeen to the Phoenix Group and will continue to provide customers of SLAL with the same high standards of service which they have enjoyed historically.

Around 2,900 of these employees are based in Edinburgh, with a further 30 in Glasgow.

Phoenix said they are committed to having an operational headquarters in Scotland, and over half of the Phoenix Group’s employees are now based in Scotland.

As announced prior to the completed deal, Susan McInnes has been appointed as the chief executive of SLAL and Jim McConville as group director, Scotland, in addition to his role as Phoenix group finance director (both will be based in Standard Life House in Edinburgh).

SLA chairman Sir Gerry Grimstone said: “This is a momentous day for Standard Life Aberdeen as we continue to build a world-class investment company. Corporate transformations of this scale require clear vision and huge commitment from all those involved.”