Standard Life Aberdeen sells £3.24bn insurance business to Phoenix

Standard Life Aberdeen chairman plots exit amid £3bn Phoenix deal

Total gross inflows for the 2017 financial year were £80.1bn, slightly down on the figure of £80.4bn in 2016, mainly accounted for by a £2.8bn fall in inflows to its multi-asset investments; a £0.7bn drop in real estate investment; and a £1.0bn fall in fixed income.

In addition, Standard Life Aberdeen has sold its insurance business Phoenix Group for £3.2bn, while it will also "significantly enhance and expand the existing long-term strategic partnership" meaning Standard Life Aberdeen would continue as Phoenix Group's long-term asset management partner for the acquired business.

However, inflows from equity investments were up 8% at £16.2bn, from £15.0bn in 2016.

The results are its first as a combined business since... Standard Life Aberdeen has a fifty-two week low of GBX 339.67 ($4.69) and a fifty-two week high of GBX 448.60 ($6.20). The sale is expected to complete in the third quarter of 2018.

"Today's announcement represents a logical next step in Standard Life Aberdeen's journey to build a world-class investment company", the FTSE 100 group's chief executives Martin Gilbert and Keith Skeoch commented in the statement.

It added that owning advice business and platforms allowed the investment manager to have "greater proximity" to retail customers.

In a statement, Standard Life Abderdeen said: "While the long-term savings market in the United Kingdom is supported by attractive structural growth trends, the board believes that Standard Life Aberdeen can best capture the benefits of these growth dynamics through Aberdeen Standard Investments and its retail platforms".

The sale to Phoenix comes in the wake of failed talks between Standard Life Aberdeen and Lloyds Banking Group (LON:LLOY) which ended last week with the bank and its Scottish Widows life assurance business deciding to withdraw £109bn of assets under management from the fund manager due to competition concerns. "It has been extremely satisfying to have played my part in all that we have achieved".

Julie Chakraverty, Lynne Peacock and Akira Suzuki will retire from the board at its next annual general meeting. Numis Securities boosted their target price on Standard Life Aberdeen from GBX 445 ($6.15) to GBX 481 ($6.65) and gave the stock a hold rating in a report on Friday, October 27th. reiterated a buy rating on shares of Standard Life Aberdeen in a report on Thursday, November 9th.

The board is also seeking to hire a director specialising in platform and technology, ideally with an worldwide background.



Latest news

New options from Airbnb include luxury digs, perks for 'Super Hosts'
Airbnb today unveiled a Roadmap for its core Homes business. "We are creating the world's largest home database", said Chesky. During the past decade, the Airbnb platform has grown to have 4.5 million properties listed.

Robertson County Schools address threat circulating on Facebook
City Police had a presence at Steubenville High School this morning after an unsubstantiated threat was posted on social media. Police say the post has been investigated before by police departments across the country and it was deemed not credible.

'Black Panther' Is Breaking An Insane Amount Of Box Office Records
Black Panther shattered February opening records when it arrived last week, topping 2016's Deadpool . Over the past five years, the average monthly take at the domestic box office was $914 million.

Samsung Galaxy S9 and S9 Plus Pricing Leaked ahead of Official Launch
The Galaxy S9 variants will reportedly hit the stores in mid-March, to be exact 16th March globally, as cited by The Investor . The banner also notifies the smartphone is coming on 25.02.2018, the same date as pre-MWC 2018 launch on Sunday.

Other news