Phoenix plots rebirth as Standard Life | USAEMALL.com

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Phoenix Group, the UK’s largest savings and retirement business, is nearing a decision to rebrand as Standard Life, in a move that would bring the historic brand back to the London Stock Exchange.

The FTSE 100 pensions provider is considering a name-change within the next 12 months, according to a person familiar with the situation.

“Standard Life is a strong brand with 200 years of history and the brand we are using to grow our business across three markets,” Phoenix said in a statement, adding that the change had not yet received approval from the board.

Standard Life traces its roots back to 1825 as an assurance company in Edinburgh.

The group, which expanded more broadly into insurance and fund management, merged with asset manager Aberdeen in 2017 to create one of the largest investment houses in Europe at the time.

Under former chief executive Stephen Bird, the group switched names from Standard Life Aberdeen to Abrdn, although the rebrand was widely mocked. The company returned to the Aberdeen name earlier this year.

The fund manager sold the Standard Life brand to Phoenix Group in 2021 as part of a strategic partnership between the two companies.

“Ultimately success will rest on how well the Standard Life brand can balance authority, legacy, and reputation with the holding company’s need for innovation, clarity and portfolio breadth and depth,” said Philip Davies, Emea president of brand consultancy Siegel & Gale.

“Don’t expect to see stndrd lf anywhere anytime soon,” he added.

After re-entering the individual annuity market in 2023, Standard Life built a 12 per cent market share by the end of last year, with £1bn in individual annuity premiums written in 2024.

The business wrote £5.1bn in premiums in the bulk purchase annuity market last year, Phoenix said, as it sought to increase its share of the lucrative transactions in which an insurer takes over a company’s responsibility for meeting obligations to pensioners.

Phoenix had earlier this year announced a plan to merge its pension and asset management arms, along with announcing the planned retirement of Standard Life chief executive Andy Curran. As part of the rebrand, chief investment officer Mike Eakins was promoted to oversee a new division combining the two units.