Phoenix Group and Standard Life Aberdeen (SLA) have agreed to extend their strategic partnership until 2031.
The two companies began their venture in 2018 when SLA sold its UK and European life insurance business to Phoenix Group, allowing it to streamline its own operations.
SLA will continue to manage a portion of Phoenix’s assets, which was £147.4bn as at 30 June 2020.
“The deal will effectively close at the end of 2022, but we have agreed to take on risk and reward from 1 January 2021,” a spokesperson from SLA told Insurance Asset Risk.
SLA will also undergo a rebranding sometime this year, although no formal date has been set.
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