Standard Life says it has no plans to sell Standard Life Bank, Standard Life Healthcare or Standard Life Investments as part of its move towards flotation.
The update on the strategic review describes the businesses as profitable and capital-sufficient. It says they are growing well in challenging markets and have demonstrated robust plans for future growth.
Standard Life Canada will be retained and developed but plans to launch a new business in France have been put on hold temporarily.
One industry analyst believes the group may decide to make the subsidiaries investments of a holding company at flotation. He says: “To tidy things up, these businesses could become assets of a holding company and monies then passed from them to the life company. Standard will still own them but they will be just subsidiaries of the shareholder fund, rather than owned by policyholders.”