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.
