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Standard Life Aberdeen exits life insurance

Following the sale of Standard Life Aberdeen’s insurance arm to consolidator Phoenix Group for £3bn ($4.2bn, €3.4bn), the company will have no insurance business at all, a spokesperson confirmed to International Adviser.

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Who is Phoenix Group?

A closed life assurance fund consolidator, Phoenix Group specialises in the management and acquisition of closed life and pension funds.

Headquartered in Jersey, it operates primarily in the UK, with the core business segment of life assurance coming under the Phoenix Life brand.

The group is listed on the London Stock Exchange and is a constituent of the FTSE 250 Index.

Andy Moss, chief executive of Phoenix Life, sat down with IA in March 2017 to discuss its acquisition strategy.

The business has previously bought books from high profile providers such as Scottish Provident, Axa Wealth and Abbey Life.

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