February 23, 2018 / 7:23 AM / 6 months ago

Standard Life Aberdeen sells insurance unit to Phoenix for 3.24 bln stg

LONDON, Feb 23 (Reuters) - Standard Life Aberdeen said on Friday it would sell an insurance division to Phoenix Group for 3.24 billion pounds ($4.51 billion), as it posted 2017 pretax profit of 1 billion pounds. “This transaction completes our transformation to a capital light investment business,” Chairman Gerry Grimstone said in a statement, published alongside the company’s first set of annual results since it formed last year through the 11 billion pound merger of two Scottish rivals.

SLA said in a separate statement that Grimstone would stand down as chairman at the end of 2019. ($1 = 0.7177 pounds) (Reporting by Carolyn Cohn; editing by Simon Jessop)

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