UK insurer Phoenix to rebrand as Standard Life (updated)
08/09/2025 08:01
British insurer shares fall 7.6%, biggest daily drop since 2020 Phoenix's book value drops 59% in first half, missing forecasts Plans to pull portion of funds from asset manager Aberdeen Updates shares, adds details on pulled funds from Aberdeen By Ankita Bora and Iain Withers LONDON, Sept 8 (Reuters) - British insurer Phoenix Group PHNX.L said on Monday it would rebrand as Standard Life from March next year, as its shares suffered their biggest daily drop in nearly five years after half-year earnings that disappointed investors. The group added that it would pull 20 billion pounds ($27 billion) of annuity-backed assets currently managed by its money manager partner Aberdeen ABDN.L in-house, also pressuring that company's shares. Phoenix shares closed down 7.6%, their biggest daily fall since November 2020, while Aberdeen shares fell 1.7%. The wider FTSE 100 index was broadly flat on the day. Phoenix, the UK's largest long-term savings and retirement group, bought the Standard Life brand in 2021 following a deal three years earlier to buy Aberdeen's ABDN.L insurance arm. "Changing our name... brings our most trusted brand to the forefront," Phoenix CEO Andy Briggs said, adding that the group was on track to meet its 2026 targets. However, the company reported its shareholders' equity fell 59% to 768 million pounds ($1 billion) in the first half ended June 30, missing estimates from analysts at RBC and JPMorgan. Book value, or shareholders' equity, is a key gauge of financial resilience, and declines may erode investor confidence even if profits are rising. Its long-term asset manager partner Aberdeen still manages about 150 billion pounds of policyholder assets for Phoenix, and could pick up a greater proportion as the insurer consolidates the number of money managers it works with, the company said. Phoenix said it had decided to bring more of its annuity-backed assets in-house to improve customer outcomes and returns. "We continue to work closely with Phoenix as their key strategic asset management partner," an Aberdeen spokesperson said. Phoenix logged 451 million pounds of adjusted operating profit in the half-year, compared with 360 million pounds in the year-ago period, helped by growth in its pensions and savings businesses. ($1 = 0.7388 pounds) (Reporting by Ankita Bora in Bengaluru and Iain Withers in London; Editing by Sherry Jacob-Phillips, Mrigank Dhaniwala and Jan Harvey) ((Ankita.Bora@thomsonreuters.com;))