Phoenix Group, the UK’s largest savings and retirement business, confirmed on Monday a previously announced plan to change its name to Standard Life plc.
Phoenix, which acquired the Standard Life brand in 2021 from Aberdeen, also announced half year results.
The name change will take effect in March 2026.
Phoenix Group manages almost £300 billion of assets under administration (AUA) for 12 million customers.
“This move brings our most trusted brand to the forefront and demonstrates our commitment to helping customers secure a better retirement,” said Phoenix .
“The move aligns our brand strategy with our group strategy, helping with our objective to simplify our business. It unifies our colleagues and strengthens our employer brand. It also reduces duplication and costs, and it supports our organic growth strategy.”
In its half year results, Phoenix said that in Pensions and Savings it reported 20% IFRS adjusted operating profit growth to £179 million and 5% growth in average assets under administration to £187.9 billion.
In Retirement Solutions, Phoenix reported a 36% increase in IFRS adjusted operating profit growth to £286 million.
Phoenix Group CEO Andy Briggs said: “This is a strong first half performance, maintaining momentum in key areas of focus for our Standard Life business.
“We are well on track to deliver all of our financial targets while continuing to invest in our market-leading Pensions and Savings and Retirement Solutions businesses.
“We achieved £2.8 billion of net inflows in Workplace in H1 while our Retirement Solutions business, where we expect to deploy up to c.£200 million of capital into annuities in 2025, is operating well and has a solid pipeline for H2.
“Having re-entered this competitive market in late 2023 we delivered Individual Annuity sales of £0.6 billion in this period. We have also completed and are exclusive on £3.2 billion of BPA volumes year to date, with our largest ever BPA deal of £1.9 billion subsequently completing in July.
“The UK long-term savings and retirement market is already large. We are uniquely positioned to capture this momentum. We are particularly pleased to announce today that our name will be changing to Standard Life plc.
“This brings our most trusted brand to the forefront and demonstrates our commitment to helping customers secure a better retirement.
“It reflects our vision to become the UK’s leading retirement savings and income business and really demonstrates the way the business has transformed and evolved in the last five years.”