Standard Life shareholders approve Phoenix deal

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.

Ian McKenna: Where the Standard Life/Phoenix deal could fall down for advisers

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.

Standard Life advice arm to advise Phoenix’s non-advised clients

Phoenix also released a statement following a general meeting it held today where the acquisition was also approved by shareholders.

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There is one comment at the moment, we would love to hear your opinion too.

  1. I genuinely hope they take a close look at how the AXA Wealth transfer of business to Phoenix is being handled and learn something from that (with a view to protecting policyholders from the same fate).

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