UK-based insurance services provider Phoenix Group has completed the £2.93bn acquisition of Standard Life Assurance from Standard Life Aberdeen (SLA).

Phoenix Group Portraiture

Image: Phoenix Group CEO Clive Bannister. Photo: Courtesy of Phoenix Group Holdings.

The acquisition encompasses all of SLA’s UK and European life insurance business. SLA will retain its UK retail platforms and advice business.

As part of the acquisition, Barry O’Dwyer and Campbell Fleming, both nominated by SLA , have been appointed as non-executive directors of the company.

Phoenix Group CEO Clive Bannister said: “I am delighted that we have completed the acquisition of Standard Life Assurance and I would like to extend a warm welcome to our new colleagues joining Phoenix.

“This deal will result in Phoenix becoming Europe’s largest consolidator of heritage life funds, and the ongoing Strategic Partnership with Standard Life Aberdeen will provide additional growth opportunities. This strategically and financially compelling transaction supports our vision to be Europe’s Leading Life Consolidator.”

Phoenix started its talks to acquire Standard Life Assurance in February this year.

When the announcement was made, the company stated that Standard Life Assurance will retain its UK wealth platforms. It includes Standard Life Aberdeen’s UK and European life and pension businesses with assets worth £166bn.

The acquisition has also resulted in a new long-term strategic partnership with Standard Life Aberdeen that covers investment management and a new client and services proposition agreement for workplace pensions, retail and Self Invested Personal Pension (SIPP) products.

This partnership has been underpinned by Standard Life Aberdeen acquiring less than 20% stake in Phoenix Group.

Phoenix Group’s open business manufactures and underwrites new products and policies to support people saving for their future in areas like workplace pensions and SIPPs.

In total, the group has more than 10 million policyholders and £240bn of assets. It has operations in the UK, Ireland and Germany.

The group has five operating life companies which hold policyholder assets and a distribution business, SunLife.