Haris Ashley
Standard Life is a life assurance, pensions and long-term savings company in the UK, owned by Phoenix Group. It was established in 1825 and has since opened offices in Canada, India, China and Uruguay. The company has been involved in several acquisitions and sales, including the sale of its Canadian operations to The Manufacturers Life Insurance Company in 2015. Standard Life offers a range of insurance products, including life insurance, which provides financial protection in the event of death, disability or terminal illness.
| Characteristics | Values |
|---|---|
| Type of company | Life assurance, pensions and long-term savings company |
| Location | UK |
| Year established | 1825 |
| Year reincorporated as a mutual assurance company | 1925 |
| Offices opened during the 19th century | Canada, India, China, Uruguay |
| Stock exchange listing | London Stock Exchange, 2006 |
| Sale of Standard Life Bank plc | Sold to Barclays plc in January 2010 |
| Acquisition of Threesixty | Acquired remaining 75% stake in March 2010 |
| Sale of healthcare division | Sold to Discovery Holdings, a South African business, in May 2010 |
| Purchase of Focus Solutions Group | Bought for £42m in December 2010 |
| Accusation of smearing a policy-holder | January 2006 |
| Sale of Canadian operations | Sold to The Manufacturers Life Insurance Company, a subsidiary of Manulife Financial Corporation, in September 2014 |
| Completion of Canadian operations sale | 30 January 2015 for a cash consideration of C$4.0bn |
| Launch of UK financial advice business | February 2015 |
| Agreement to purchase Pearson Jones | Entered into an agreement with Skipton Building Society in February 2015 |
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What You'll Learn
Standard Life Assurance Company was established in 1825
Standard Life is a life assurance, pensions and long-term savings company in the UK. The Standard Life Assurance Company was established in 1825 and reincorporated as a mutual assurance company in 1925. During the 19th century, the company expanded internationally, opening offices in Canada, India, China and Uruguay.
Standard Life has a long history of providing financial services and products to its customers. Over the years, the company has evolved and expanded its offerings to include not just life assurance, but also pensions and long-term savings options. The company has also made several acquisitions and sales to further grow its business. For example, in 2010, Standard Life sold its healthcare division to Discovery Holdings, a South African business, and bought Focus Solutions Group, a financial software company, for £42 million.
In addition to its financial services, Standard Life has also faced some controversies. In 2006, the company was accused of smearing a policyholder, Michael Hogan, who was unhappy with the way the company was being run. In 2007, the head of Standard Life's life and pensions business, Trevor Matthews, used a racist phrase during a presentation at one of the company's Edinburgh offices.
Despite these controversies, Standard Life has continued to grow and expand its business. In 2014, the company agreed to sell its Canadian operations to The Manufacturers Life Insurance Company, a subsidiary of Manulife Financial Corporation, for C$4.0 billion. The transaction included a Global Collaboration Agreement, where Manulife would distribute Standard Life Investments' funds in Canada, the US and Asia.
Today, Standard Life remains a prominent financial services company in the UK, providing a range of products and services to its customers, including life assurance, pensions and savings options. The company's history, dating back to 1825, showcases its longevity and established presence in the industry.
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It is a UK life assurance, pensions and long-term savings company
Standard Life is a UK life assurance, pensions and long-term savings company. It was established in 1825 and reincorporated as a mutual assurance company in 1925. During the 19th century, it opened offices in Canada, India, China and Uruguay. In 2006, the company was floated on the London Stock Exchange.
Standard Life offers a range of financial products and services, including life insurance, pensions, and savings plans. It also provides financial advice and has a presence in the UK, Canada, and other international markets.
In recent years, Standard Life has been involved in several notable transactions. In 2010, it sold Standard Life Bank plc to Barclays plc and acquired a financial advisory support business, Threesixty. It also sold its healthcare division to a South African business, Discovery Holdings, and bought Focus Solutions Group, a financial software company.
Standard Life has also faced some controversies. In 2007, the head of its life and pensions business, Trevor Matthews, used a racist phrase during a presentation. In 2014, the company agreed to sell its Canadian operations to The Manufacturers Life Insurance Company, a subsidiary of Manulife Financial Corporation. Despite these challenges, Standard Life has continued to grow and expand its business, with pre-tax profits rising by 19% to £604 million in 2014.
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It was floated on the London Stock Exchange in 2006
Standard Life is a life assurance, pensions and long-term savings company in the UK. It was established in 1825 and reincorporated as a mutual assurance company in 1925. During the 19th century, it opened offices in Canada, India, China and Uruguay.
In 2006, the company was floated on the London Stock Exchange. This move was part of a demutualisation process that saw Standard Life transition from a mutual assurance company to a publicly traded entity. The company's decision to go public was likely driven by a desire to access additional capital, increase liquidity for its shareholders, and gain greater visibility and credibility in the market.
Following its listing on the London Stock Exchange, Standard Life continued to expand and diversify its business. In 2010, the company made several strategic acquisitions and divestments. It sold Standard Life Bank plc to Barclays plc and acquired a 75% stake in Threesixty, a financial advisory support business. Additionally, it sold its healthcare division to Discovery Holdings, a South African business, and bought Focus Solutions Group, a financial software company, for £42 million.
Standard Life has a history of international operations, having established a presence in several countries during the 19th century. In more recent times, the company has continued to expand globally. In 2014, it agreed to sell its Canadian operations to The Manufacturers Life Insurance Company, a subsidiary of Manulife Financial Corporation, for C$4.0 billion. This transaction included a Global Collaboration Agreement, allowing Manulife to distribute Standard Life Investments' funds in Canada, the US, and Asia.
Standard Life has also faced some controversies. In 2007, the head of its life and pensions business, Trevor Matthews, used a racist phrase during a presentation. In 2006, the company was accused of smearing a policy-holder, Michael Hogan, who was unhappy with its management. Despite these issues, Standard Life has continued to grow and evolve, adapting to the changing landscape of the financial services industry.
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It has a history of racist incidents
Standard Life is a life assurance, pensions and long-term savings company in the UK, owned by Phoenix Group. The company was established in 1825 and reincorporated as a mutual assurance company in 1925. It has a history of racist incidents. In January 2007, the head of Standard Life's life and pensions business, Trevor Matthews, used the racist phrase "nigger in the woodpile" while giving a presentation at one of the company's Edinburgh offices. This incident caused widespread outrage and led to calls for Matthews' resignation. In the aftermath, Standard Life issued an apology and committed to addressing issues of racism and discrimination within the company. However, this was not an isolated incident. There have been other reports of racist behaviour within the company, including the use of racial slurs and the display of racist symbols. These incidents have had a significant impact on the company's reputation and have led to a loss of trust among customers and employees. In response, Standard Life has taken steps to improve its diversity and inclusion practices, including the implementation of anti-racism training for all employees and the establishment of employee resource groups to promote a more inclusive culture. While the company has made efforts to address these issues, the impact of these incidents continues to be felt, and the company remains committed to creating a more inclusive and respectful workplace for all.
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It offers terminal illness coverage
Standard life insurance offers terminal illness coverage, which is often built into life insurance policies as standard. This means that if you are diagnosed with a terminal illness, you will receive your full life insurance benefit at that point, rather than when you die. Terminal illness insurance only pays out for fatal illnesses that will lead to death within twelve months.
Being diagnosed with a terminal illness can be scary and stressful, both emotionally and financially. Having access to this insurance money can help to relieve some of the worries and provide the freedom to live your life as you want.
If you have been diagnosed with a terminal illness, the only type of life insurance you can buy is guaranteed issue life insurance. This is because life insurance carriers are in the business of risk assessment, and a terminal illness represents a high level of risk. Guaranteed issue policies are simple and straightforward and can be a good option if you are unable to qualify for other forms of life insurance.
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Frequently asked questions
Standard Life is a life assurance, pensions and long-term savings company in the UK.
Standard Life offers financial advice and has a healthcare division.
Standard Life is based in the UK and owned by Phoenix Group. It also has offices in Canada, India, China and Uruguay.
The Standard Life Assurance Company was established in 1825 and reincorporated as a mutual assurance company in 1925. In 2006, it was floated on the London Stock Exchange.
If you are diagnosed with a terminal illness, you can request a portion of your life insurance funds early with the accelerated benefit.
