Standard Life Aberdeen shareholders have approved the sale of the company’s UK and European insurance arm to Phoenix at it general meeting today.
Shareholders also approved a plan to return £1bn to shareholders through a “B share scheme” and £750m through a share buyback programme.
Standard Life announced in February it was selling its insurance arm to Phoenix in a £3bn deal.
Standard Life Aberdeen chair Gerry Grimstone says: “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.”
Standard Life Aberdeen announced this morning that pensions and savings business chief executive Barry O’Dwyer and global distribution head Campbell Fleming will join the board of Phoenix Group once its acquisition of Standard Life’s UK and European insurance businesses completes.
Phoenix also released a statement following a general meeting it held today where the acquisition was also approved by shareholders.