Standard Life International in sights of rival groups
Phoenix manages life policies in Edinburgh
European Life Group, an affiliate of San Francisco investment firm Sixth Street, and Canadian group Great-West Lifec, are said to be in pursuit of Standard Life International and Ark Life.
The Dublin-based businesses are owned by Phoenix Group which indicated last November that it was considering a sale of its European operations after receiving expressions of interest.
It bought the life assurance arm of Standard Life Aberdeen for £3.24 billion shortly after the Scottish company was created by a merger of Standard Life and Aberdeen Asset Management in 2018.
Standard Life Aberdeen later moved 600,000 Irish, German and Austrian customer policies to Standard Life International which had been set up in the Irish capital to serve customers in the European Union post-Brexit.
Phoenix also moved funds to Standard Life International which became the second-largest life company in the Republic with assets under management growing from €6.85 billion to €28.8 billion in 2019.
Separately, Phoenix Group inherited Allied Irish Bank’s former life and pensions business Ark Life in 2019 under its purchase of ReAssure Group from Swiss reinsurance giant Swiss Re.
Phoenix runs its core Standard Life business from the latter’s former headquarters in Lothian Road, Edinburgh.