Standard Life Aberdeen shareholders have voted in favour of selling the group’s insurance business to Phoenix Group.

The proposition to sell Standard Life Assurance Limited was voted on at its general meeting held today, 25 June 2018, and was approved by 99.26 per cent of shareholders.

Commenting, Standard Life Aberdeen chairman Sir Gerry Grimstone 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."

The intention to sell the business in a £3.2bn deal was announced in February 2018, in which Standard Life Aberdeen said the disposal of the 'capital intensive' insurance arm will make it more nimble. Standard Life Aberdeen will retain its platforms and advice arm, 1825, which currently sit within the insurance division.

At the time, Grimstone said: “This transaction completes our transformation to a capital light investment business, a process started in 2010 with the sale of Standard Life Bank, continuing with the sale of our Canadian business [in 2014] and the merger last year between Standard Life and Aberdeen Asset Management."

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