The group purchased Standard Life from Abrdn, previously Standard Life Aberdeen, in May for an undisclosed sum.
It said the acquisition was “strategically important” as it pursued plans to increase Standard Life’s presence in the lifetime mortgages, workplace pensions, bulk purchase annuities and retail savings markets.
The Phoenix Bulk Purchase Annuity (BPA) business, and equity release business, will align under the Standard Life brand. This is in addition to the range of lifetime mortgage products which will be marketed through Standard Life Home Finance, as part of a recently announced agreement with Key Group.
Phoenix Group also purchased a portfolio of equity release mortgages from Just Group for £300m last month.
Andy Curran, chief executive of Standard Life, said: “With the capital and financial strength of Phoenix Group, and Standard Life’s extensive expertise in pensions and retirement, our ambition is to create an even more customer centric business with sustainability at its core.”
“Accelerating our proposition innovation is central to this investment, from delivering better retirement income solutions using the strength of our group balance sheet to further harnessing data and digital technology to provide more timely and relevant information to customers.”
“The investment we are making in our propositions and digital channels will allow us to deliver broader retirement options and make Standard Life relevant to even more customers and advisers now and in the years to come,” he added.
Standard Life will also set interim targets to ensure its investment portfolios achieve net zero carbon by 2050.
This aligns with Phoenix Group announcing its 2025 and 2030 interim targets as part of its aim to reach net zero by 2050. This will see the carbon emissions of £250bn assets under administration reducing by at least 50 per cent by 2030.