Phoenix Group has taken steps to make it easier to change its name, with reports indicating that it is planning to switch to the Standard Life brand, a company it acquired in 2018.

At Phoenix Group’s recent annual general meeting on 13 May, proposals for new articles of association, which included a clause to “allow the board of directors to adopt a new company name without requiring a shareholder resolution” were adopted.

However, a source close to the group said a rebrand hasn’t been submitted to the board yet and there is no certainty on timelines for when the board will be given the opportunity to approve a name rebrand.

Despite this, a report by the Financial Times indicated that the name change could happen within 12 months.

Speaking to Pensions Age, a spokesperson on behalf of Phoenix Group and Standard Life, said: “Our brand strategy must support our business strategy, and this is kept under review.

"Standard Life is a strong brand with 200 years of history and the brand we are using to grow our business across three markets.

"You may have seen at our recent annual general meeting we changed our articles of association to allow us to rebrand with board approval, rather than shareholder approval. This board approval hasn't happened.”

In 2018, Phoenix acquired Standard Life Assurance Limited from Standard Life Aberdeen (SLA), with the two firms entering a strategic partnership and SLA becoming a leading shareholder in Phoenix.

Standard Life merged with Aberdeen in 2017, and the group changed its name from Standard Life Aberdeen to Abrdn in 2021.

However, earlier this year Abrdn confirmed it would change its name to Aberdeen Group to “remove distractions”.

If the name change goes ahead, it would see the Standard Life name returning to the London Stock Exchange for the first time since SLA decided to change its name to Abrdn in 2021.

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