Friday, 23 February 2018

One of UK's oldest insurance companies Standard Life Aberdeen sells insurance business for over £3bn

One of the UK's oldest insurance companies is to be sold for £3.24bn.

Edinburgh-based Standard Life Assurance Limited, which was founded in 1825 and has about 3,000 staff, is being purchased by Phoenix Group.

Announcing the deal, parent company Standard Life Aberdeen (SLA) said it would receive £2.3bn in cash and a 19.9% stake in Phoenix.

SLA said the move completed its move out of insurance to concentrate on asset management.

As part of the deal, SLA said it would expand the companies' existing strategic partnership and look to be "the asset manager of choice" for Phoenix.

BBC        News.