Insurer Phoenix changing name to Standard Life next year

Insurer Phoenix Group has revealed plans to change its name to Standard Life as it looks to “bring its most trusted brand to the forefront”.

The firm – which has around 12 million customers and manages over £295 billion in assets under administration – said it would rename the group in March next year.

It comes after Phoenix bought the Standard Life brand in May 2021 following its purchase of Standard Life Aberdeen’s insurance arm in 2018 for £3.28 billion.

Half-year figures also out on Monday showed the group saw underlying operating profits jump by a quarter to £451 million in the six months to June 30.

Andy Briggs, group chief executive of Phoenix, said: “This is a strong first half performance with progress against all key financial metrics we use to drive the business, demonstrating continued momentum towards our 2026 targets.

“Changing our name from Phoenix Group Holdings plc to Standard Life plc in March 2026 brings our most trusted brand to the forefront and demonstrates our commitment to helping customers secure a better retirement.”

The name change also “reduces duplication and costs, and it supports our organic growth strategy”, according to Phoenix.

The group – which claims to have one in five adults as customers of its brands – said retail net outflows of cash improved to £4.4 billion from £4.6 billion a year earlier.

It also ramped up full-year cost savings targets to around £160 million, up by £35 million, after it achieved £100 million in cuts over the first half.

Mr Briggs said the final six months would be “just as busy as the first”.

“The UK retirement savings and income market is huge and structurally growing and we are increasingly well placed to take advantage of the attractive opportunities it presents and deliver strong returns to our shareholders, supported by changing to Standard Life plc in March 2026,” he said.