Phoenix – proud to be part of the financial services sector in Scotland
On 31 August this year, Phoenix Group completed the acquisition of Standard Life Assurance Limited (SLAL) from Standard Life Aberdeen plc. This was a significant day in the history of the Phoenix Group which can trace its beginnings back to 1782.
The modern Phoenix Group, formed in 2008, is a European Life Consolidator and is the largest consolidator of heritage life assurance funds in Europe. We are a growing and financially strong business, with SLAL now giving us a significant ‘open’ business alongside our traditional heritage business. We also have a market leading brand – SunLife – which sells a range of financial products for the over-50s market.
Phoenix now has over 10 million policyholders and £240 billion of assets, with operations in the United Kingdom, Ireland and Germany. It also marks a significant expansion of the existing partnership between Phoenix and Standard Life Aberdeen, which enables the companies to focus on what they do best. Phoenix and Standard Life Aberdeen will work together in the UK long term savings market and Standard Life Aberdeen’s global asset management company, Aberdeen Standard Investments, is the asset manager of choice for Phoenix.
The acquisition means that some 3,500 employees have transferred from Standard Life Aberdeen to the Phoenix Group. This includes around 2,900 employees based in Edinburgh. Phoenix has established an operational headquarters in Scotland and is now one of Edinburgh’s and Scotland’s largest employers.
We’re proud to be part of the financial services sector in Scotland and we’re looking forward to playing an active role in the financial community.
We recognise the impressive calibre of the SLAL workforce and we will continue to invest in our colleagues to enhance the value of the Standard Life brand in Edinburgh, Scotland and beyond. Phoenix has a reputation as an employer of choice which we are committed to retaining.
The time I’ve spent with new colleagues over the recent months has confirmed the similarities between our businesses – we have the same positive energy, and a commitment and passion to offering products to help people build their long term savings and plan their income in retirement. I’m incredibly excited about the prospect of leading the business into the next chapter of its story and in Phoenix actively contributing to the Edinburgh business community.
Susan McInnes, CEO, Standard Life Assurance Limited, part of the Phoenix Group
In the UK, Ireland, Germany and Austria, Standard Life Assurance Limited offers products to help customers with their life savings. These include pensions, savings products and retirement solutions. Standard Life Assurance Limited is owned by the Phoenix Group and uses the Standard Life brand under licence from the Standard Life Aberdeen Group.