Standard Life Aberdeen sells £3.24bn insurance business to Phoenix


"This transaction completes our transformation to a capital light investment business", Chairman Gerry Grimstone said in a statement, published alongside the company's first set of annual results since it formed past year through the 11 billion pound merger of two Scottish rivals.

FTSE 250 firm Phoenix will pay £2.28bn of cash and issue Standard Life Aberdeen with a 19.99 per cent shareholding.

The updates mark a boost for the company, which recently suffered a heavy blow as Lloyds Banking Group (LON:LLOY) moved to pull out £109 billion of assets under management from the group.

Standard Life Aberdeen has sold its insurance arm to Phoenix in a £3bn deal.

The firm was also hit by a move by Lloyds Banking Group earlier this month which announced it is to withdraw £109bn of assets now managed by Standard Life Aberdeen for Scottish Widows, almost 17% of Standard Life Aberdeen's AUM.

Standard Life Aberdeen's 2017 results saw the group's reported adjusted pre-tax profit rise to £492mln, up from £385mln in 2016, with pro forma fee-based revenue slipping slighting to £1.8912bn from £1.920bn.

Revenue was £16.9bn, down from £18.7bn in 2016.

His co-chief executive Martin Gilbert, Aberdeen Asset Management's former boss and Skeoch's fishing partner, was paid 4.3 million pounds in the 12 months to December 2017, according to data supplied by an SLA spokesman.

Standard Life Aberdeen (LON SLA) traded down GBX 9.60 ($0.13) during trading hours on Tuesday, hitting GBX 376.10 ($5.20). The sale is expected to complete in the third quarter of 2018.

The firm also announced Sir Gerry would be stepping down as chairman from the board by the end of 2019 after 11 years.

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.

"We have a diverse range of modern investment capabilities with global distribution and our leading United Kingdom retail platforms are growth engines generating significant net inflows for our asset management business".



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