Phoenix Group has rebranded to Standard Life, the retirement savings business that it bought in 2018.
As part of this change, Phoenix Group will be re-listed on the London Stock Exchange under the ticker of SDLF.
The company says this move reflects Standard Life’s strong growth in recent years, across both its workplace and retail business, and aligns the corporate identify of the group with its most recognisable and “trusted” brand.
Phoenix Group was initially focused on running a number of closed insurance books of business including with-profits and pension funds. It acquired Standard Life in 2018 from Aberdeen.
Since being acquired Standard Life has shown strong growth across a number of key areas, to establish and a leading position in workplace pensions, individual annuities and pension risk transfer.
The groups says this also supports its wider organic growth strategies of the pensions, savings and retirement solutions businesses that already trade under the Standard Life brand. It also aligns with the process set in train by Phoenix Group in recent years to simply its business.
To mark this change Standard Life has also embarked on its most significant brand campaign in a decade, which will run for 10 weeks across TV, radio, newsprint, digital and social. The campaign aims to prompt greater engagement in how people plan, save and make decisions for later life, and will feature modern real-life examples of how people think about their retirement.
At the same time Standard Life has set a new target to help three million more customers over the next 10 years take action towards a better retirement. To meet this commitment, the group will provide support and solutions designed to ensure more people are on track for financial security in later life.
Standard Life will evidence this by tracking improvement in two customer outcomes: more people are engaged in planning for their retirement, and more people are supported to make better decisions when accessing their pension.
In total, Standard Life managers around £300bn in assets for around 12m customers. Standard Life says that customer brands within the group, including SunLife, Phoenix Life and ReAssure, will continue to operate as normal.
Standard Life CEO Andy Briggs says: “The move to Standard Life plc supports our vision to be the UK’s leading retirement savings and income business, and demonstrates our commitment to helping customers achieve better outcomes and greater financial security in later life. We want Standard Life to be the business that people trust to guide their retirement journey.”
