Standard Life outlines 'ambitious investment plans' to build on brand's 'great heritage'

Insurer Phoenix Group acquired the Edinburgh-headquartered Standard Life Assurance business in 2018 and earlier this year it bought the iconic Standard Life brand after investment giant Standard Life Aberdeen opted to change its name to Abrdn.

Phoenix said the purchase of the Standard Life brand was “strategically important” to the group as it looks to increase its presence in a number of key markets – workplace pensions, bulk purchase annuities, lifetime mortgages and retail savings.

The Phoenix Bulk Purchase Annuity (BPA) business, and equity release business, will align under the Standard Life brand. In addition, a range of retail lifetime mortgage products will be marketed through Standard Life Home Finance, as part of a strategic agreement with Key Group.

View of part of the Standard Life building on Lothian Road in Edinburgh.

The group also noted that Standard Life was among those leading the way in setting interim targets to ensure its investment portfolios achieve net zero carbon status by 2050.

A series of “subtle” changes in brand style are being introduced following research with customers, with an initial refresh focusing on “modernising the visual identity and tone of voice, and improving digital accessibility”.

Andy Curran, chief executive of Standard Life, part of Phoenix Group, said: “Standard Life is one of the most recognised names in life and pensions and we have ambitious investment plans built on its great heritage.

“With the capital and financial strength of Phoenix Group, and Standard Life’s extensive expertise in pensions and retirement, our ambition is to create an even more customer centric business with sustainability at its core.

“Accelerating our proposition innovation is central to this investment, from delivering better retirement income solutions using the strength of our group balance sheet to further harnessing data and digital technology to provide more timely and relevant information to customers.

“The investment we are making in our propositions and digital channels will allow us to deliver broader retirement options and make Standard Life relevant to even more customers and advisers now and in the years to come.”

Standard Life Aberdeen said changing its name to Abrdn would create a “modern, agile, digitally-enabled brand”.

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