InvestmentsJun 26 2018

Aberdeen Standard shareholders back sale of insurance arm

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Aberdeen Standard shareholders back sale of insurance arm

Shareholders in Standard Life Aberdeen have ratified the company’s decision to sell off its life assurance business.

As FTAdviser previously reported, Aberdeen Standard Investments has agreed to sell its Europe and UK operations to Phoenix for £3.2bn.

At the annual general meeting (AGM) of the company yesterday (25 June) over 99 per cent of shareholders voted in favour of the transaction going ahead.

Sir Gerry Grimstone, chairman of Standard Life Aberdeen said: “"I'm pleased our shareholders have voted so decisively in favour of our proposals today.  The sale of our UK and European insurance business to Phoenix is an important milestone in our company's history and marks a decisive break from our past as an insurer.

"It is an excellent result and demonstrates our shareholders' overwhelming support for our ambition to become one of the world's leading investment companies."

Under the terms of the agreement, Phoenix has committed to keeping the operational headquarters of the business in Edinburgh.

The shareholders also voted in favour of a £750m share buy back plan.

David.Thorpe@ft.com