Standard Life Aberdeen’s financial results, released on Friday, outlined that Phoenix Group will continue to provide and administer insurance products to Standard Life Aberdeen’s retail platforms, representing £24.5bn ($34.1bn, €27.7bn) of assets under administration, comprising largely Sipps and offshore bonds.
The move sees Standard Life exit the life insurance business.
Consistency for advisers and clients
“The offshore bond will continue to be made available through Phoenix,” the spokesperson confirmed.
He added: “Whilst the International Bond book will be transferred, it will continue to be provided with the Standard Life name and continue to be serviced by the same people from our Dublin base as they are today.”
IA reached out to Phoenix for further details, but the firm responded that, “it is too early to give any details but our highest priority is the smooth administration of the policies we are acquiring, whether these are sold directly or through intermediaries”.
Closed book consolidator?
With one exception, Phoenix has closed every book it has consolidated. The only open book is SunLife, which writes whole-of-life plans for the over 50s.
In an interview with IA in March 2017, Phoenix Life chief executive Andy Moss explained the decision to keep that book open.
“It doesn’t deflect from our focus on closed-life consolidation and it enables us to give extra value to customers.”
