Abrdn Life completed the acquisition of life insurance business of Phoenix for £3.8bn.

Abrdn Life, a UK-based company specializing in providing investment solutions, completed the acquisition of life insurance business of Phoenix, a brand within the Phoenix Group, the UK's largest long-term savings and retirement business, for £3.8bn. “It is fantastic to bring £3bn of assets into the Aberdeen stable – a move which underscores our commitment to our pensions business. We have a long heritage of managing pension assets and huge ambition as we continue developing our capabilities in this area. For policyholders, the majority of their interactions have always been with Aberdeen so there will be minimal change. Following the transfer, abrdn Life is well-positioned for future growth, with an increased number of policyholders and assets under administration, and an extended fund range available.” Aron Mitchell, Abrdn Life and Pensions Chief Executive Officer.