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Standard Life Dodges Solvency II With Insurance Biz Sale

Law360, London (February 23, 2018, 2:39 PM GMT) -- Standard Life Aberdeen prepared to wave goodbye to the insurance world on Friday as the firm announced it is selling its savings business for £3.2 billion ($4.5 billion) to concentrate on asset management and avoid onerous capital rules imposed on insurers.

The firm has agreed to sell its insurance arm to U.K. insurance giant Phoenix Group Holdings in a cash and stock deal. The move “completes our transformation from a capital-heavy insurance business to an investment management firm,” co-chief executive Keith Skeoch said in a conference call on...
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