Standard Life Aberdeen sells £3.24bn insurance business to Phoenix

BRITAIN-HISTORY-AVIATION-INCIDENT

The decision was significant for SLA because the assets managed on behalf of Lloyds represent roughly 17% of total assets under management and about 5% of group revenues.

The sale will better allow Standard Life Aberdeen to focus on its investment and savings divisions and its remaining businesses, the results said. 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).

Aberdeen Standard Investments now manages around £48bn on behalf of Phoenix in a partnership deal that has also been extended today.

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

Completion of the acquisition is expected during the third quarter of 2018.

Standard Life Aberdeen is selling its insurance business to smaller rival Phoenix Group in a deal worth £3.2bn.

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"We haven't done this transaction to solve the competition issues [with Lloyds]", co-head Martin Gilbert said on Friday morning.

"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".

Shares in Standard Life Aberdeen (LON:SLA) have advanced today as the company unveiled that it had inked a deal to sell its insurance unit, and further updated investors on its full-year performance, posting a rise in earnings.

The asset management giant also announced that it had pressed the firing gun on its search for a new chairman as Sir Gerry Grimston will step down from the board next year. A committee has been established to seek a replacement and he will continue in his role until one is found.

Julie Chakraverty, Lynne Peacock and Akira Suzuki will retire from the board at its next annual general meeting. Numis Securities reiterated an "add" rating and set a GBX 505 ($6.98) price target on shares of Standard Life Aberdeen in a research report on Tuesday, February 13th.

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

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