May 30, 2018 / 11:12 AM / 10 months ago

Standard Life Aberdeen sees extra annual savings of 100 million pounds from Phoenix sale

LONDON (Reuters) - Standard Life Aberdeen (SLA.L) on Wednesday said it expected to save an extra 100 million pounds a year in ‘efficiency savings’ by 2020 after it completes the sale of its insurance business to Phoenix Group (PHNX.L).

The company, which on Tuesday said it planned to return as much as 1.75 billion pounds to investors, said the savings would come as a result of its revised operating model and were in addition to cost synergies of 250 million pounds a year.

Reporting by Simon Jessop; editing by Emma Rumney

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