trending Market Intelligence /marketintelligence/en/news-insights/trending/q2qai22bp-bvg650n21w1a2 content esgSubNav
In This List

Standard Life Aberdeen expects £100M annual savings from Phoenix sale

Blog

The Big Picture 2022 Insurance Industry Outlook

Podcast

Next in Tech | Episode 37: Insurance impacts on technology and vice versa

Case Study

A Prestigious Global Business School Gains a Competitive Edge

Video

S&P Capital IQ Pro | Unrivaled Sector Coverage


Standard Life Aberdeen expects £100M annual savings from Phoenix sale

Standard Life Aberdeen PLC said its revised operating model is expected to save at least £100 million in annual net efficiency savings by the end of 2020, in relation to the planned sale of its insurance business to Phoenix Group Holdings and a proposed return of capital to shareholders.

The savings would be in addition to annual cost synergies of £250 million, Standard Life Aberdeen said May 30.

The sale, plus the net efficiency savings and additional expected earnings from Standard Life Aberdeen's approximately 19.99% stake in Phoenix Group's enlarged issued share capital, is expected to be EPS-accretive for Standard Life Aberdeen from 2020.

Standard Life Aberdeen shareholders are set to vote on the sale and the return of capital at the company's June 25 general meeting.