Executive Summary
Standard Life is a major asset managing group headquartered in Edinburgh and operating across the globe. Established in 1825, Standard Life provides pensions, investment management, banking and healthcare insurance products to over 7 million customers worldwide.
Standard Life has over 10,000 employees across the UK, Canada, Ireland, Germany, Austria, USA and Hong Kong. Standard Life's joint ventures have offices in India and mainland China. Standard Life's diverse business includes one of the largest life and pensions businesses in the UK with more than 4 million customers; Standard Life Bank, which currently has over £10.6bn worth of mortgages under management; Standard Life Investments, which currently manages assets of £130.6bn globally and Standard Life Healthcare, a private medical insurance company which is one of the largest in the UK.
On 10 July 2006, after 80 years as a mutual company, The Standard Life Assurance Company demutualised. Standard Life plc was listed on the London Stock Exchange and has approximately 1.5 million individual shareholders in over 50 countries around the world.
Company History
Standard Life can trace its heritage back to 1825. In 1833, the company's Canadian brand was founded, and its Irish branch was founded in 1838, with the structure remaining relatively unchanged until the 1990s. Some of the company's key milestones are outlined below.
- 1996: the company's Frankfurt branch is opened in order to capitalise on the opportunities presented by EC Directive 92/96/EEC [1]
- 1998: Standard Life Investments is created as a separate legal entity
- 2000: the company acquires Prime Health Ltd, later renamed Standard Life Healthcare
- 2002: Standard Life Asia becomes a wholly-owned Standard Life subsidiary
- 2004: Funds under management exceed £100bn for the first time
- 2006: Standard Life Healthcare is expanded through the acquisition of PMI business FirstAssist
Current Events
In 2008, Standard Life launched a new discretionary investment management business - Standard Life Wealth.[2] In 2007, the company achieved a Special Achievement award for gaining the 'Investment Provider’ and 'Life and Pensions’ 5-Star Awards for 12 consecutive years at the annual Financial Adviser Service Awards. [3] n the same year, it also increased its stake in HDFC Standard Life Insurance Company in India to 26% (maximum holding permitted under Indian regulation).[4]
Business Model
Standard Life's mission is: " to build valuable customer relationships by helping customers grow and protect their assets." It aspires to give people…
