Standard Life and Phoenix report progress towards insurance deal

Standard Life Aberdeen and Phoenix said they were making progress with the proposed sale of Standard Life's insurance business to Phoenix.

Planning for the separation of the business and integration with Phoenix is under way, the companies said in an update for investors. Standard Life is talking to its regulators about prudential supervision of the group and is considering a substantial return of capital to shareholders.

Phoenix said it had made good progress with the financing of the deal. The companies will hold general meetings on the same day to approve the deal and expect to publish circulars soon after Standard Life’s annual general meeting on 29 May.

"The general meetings of Standard Life Aberdeen and Phoenix to approve the proposed transaction will take place as soon as practicable thereafter, in line with conventional notice periods," the companies said.

The companies announced the deal on 23 February. Standard Life will receive £2.8bn cash and a 19.9% stake in Phoenix, the UK's biggest closed life fund company, for the business.