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| File:Standard Life.svg | |
| Company type | Public (LSE: SL.) |
|---|---|
| Industry | Financial services |
| Founded | 1825 |
| Headquarters | Edinburgh, Scotland, UK |
| Key people | David Nish, CEO Gerry Grimstone, Chairman Keith Skeoch, CEO Standard Life Investments and Jackie Hunt, Group Finance Director |
| Revenue | £3,562 million (2009) |
| Operating income | £419 million (2009) |
| Net income | £180 million (2009) |
| Number of employees | 10,000 |
| Parent | Phoenix Group  |
| Website | www.standardlife.com |
Standard Life plc (LSE: SL.) is a long term savings and investment business, with headquarters in Edinburgh and operations across the globe. It has 1.5 million shareholders in more than 50 countries and over 6 million customers. Standard Life provides pensions, long term savings and investment management products. Standard Life’s assets under administration at 30 June 2010 were £179 billion.
The Standard Life Group has around 10,000 employees across the UK, Canada, Ireland, Hong Kong and the USA, with representative offices in Germany, France, South Korea and Australia and China. Standard Life Investments also operates in India through a joint venture, HDFC AMC.
History
The Standard Life Assurance Company ("Standard Life") was established in 1825 and the first Standard Life Assurance Company Act was passed by Parliament in 1832.
The company was reincorporated as a mutual assurance company in 1925. It originally operated through branches or agencies of the mutual company in the United Kingdom and a number of other countries including Canada and Ireland.
The Canadian division of Standard Life was founded in 1833 and Irish operations in 1838. This largely remained the structure of the group until 1996, when it opened a new division in Frankfurt, Germany.
On 10 July 2006, after 80 years as a mutual company, Standard Life Assurance Company demutualised and Standard Life plc was listed on the London Stock Exchange. Standard Life now has approximately 1.5 million individual shareholders in over 50 countries around the world.
Operations
Standard Life in the UK
Standard Life was established in the UK in 1825 with its head office located in Edinburgh, Scotland. Standard Life offers a range of savings, pensions, investments and insurance products.
Business subsidiaries
Standard Life joint ventures
India
Standard Life’s joint venture company, HDFC Standard Life Insurance Company Limited (HDFC SL), was established in 2000 with partner Housing Development Finance Corporation Limited. HDFC SL is headquartered in Mumbai and has an extensive network of branches nationwide. The company offers a range of individual savings, pensions and protection products, as well as group term assurance and savings products. Products are distributed through financial consultants, corporate agents, brokers and bancassurance partners and through a direct sales force.
China
Standard Life’s joint venture company, Heng An Standard Life Insurance Company Limited (HASL), was launched in 2004 with partner Tianjin TEDA Investment Holding Co, Ltd. HASL distributes a range of individual savings, investment and protection products, and group protection products, primarily through bancassurance partners and financial consultants.
Hong Kong
In Hong Kong, Standard Life (Asia) Limited provides flexible and customised investment-linked and protection products. It also offers an open architecture fund range, utilising multiple external fund managers. Products are distributed via a broker network all of whom are members of Hong Kong’s professional broker associations.
Canada
Standard Life has been operating in Canada for over 175 years and is Standard Life plc's largest operation outside the UK. With over 2,000 employees based in Montréal and in offices across Canada, the company provides long-term savings, investment and insurance solutions to more than 1.3 million Canadians, including group insurance and retirement plan members. It had $36.3 billion of assets under administration at June 30, 2010.
Standard Life Investments
Standard Life Investments is one of the UK’s leading investment houses. It was launched as an investment management company in 1998 and is a wholly owned subsidiary of Standard Life Investments (Holdings) Limited, a wholly owned subsidiary of Standard Life plc.
Standard Life Investments operates in the UK, Canada, Ireland, Hong Kong and the USA, and has representative offices in Germany, France, South Korea and Australia and China. Standard Life Investments also operates in India through a joint venture, HDFC AMC.
Standard Life Wealth
An investment management service and a subsidiary of Standard Life PLC, Standard Life Wealth specialises in personal investments for customers across the UK. The company uses uses a goal based investment approach based on institutional investment techniques previously not available to private investors.
Standard Life International Limited
The Standard Life Group incorporated Standard Life International Limited ('SLIL') in 2005 for the purposes of creating an offshore vehicle, based in Ireland, through which it could sell tax-efficient investment products into the United Kingdom. Sales of these products commenced in 2006.
Awards
Standard Life Assurance Limited was voted the Best Personal Pension Provider at the Money Marketing Awards 2004 - 2008 inclusive.
In September 2007 Standard Life was awarded "Best Wrap Platform" at the Pensions Management - Technology, Administration and Service Awards ceremony. At the same event Standard Life also won the "People's Choice" award for the company that delivered the best technology, administration and service in the industry.
In February 2007 Standard Life was awarded "Best Overall Platform 2007" at adnitor's Platform Awards Ceremony. The company was also Highly Commended for Best Intermediary Platform Service Provider 2007.
Financial Technology Research Centre (FTRC) awarded Standard Life's Wrap an 'ee' rating soon after the launch in May 2006 and enhancing this to an 'eee' rating in November 2006. In May 2008 the company retained the ?eee' rating by FTRC for the third year in a row. Standard Life remains the only Wrap provider to have this rating.
Standard Life's legal team won the 'In- house Team of the Year' award at the Legal Business Magazine Awards 2007, at a ceremony in the Grosvenor House Hotel, London on 8 February 2007. The award recognises the work of Standard Life's legal team throughout the company's demutualisation and flotation, culminating in the year's biggest IPO in July 2006, valued at £4.65bn. The award was accepted on behalf of the team by Malcolm Wood, Standard Life Company Secretary and General Counsel.
Adviserzone Awards (2010) - Best website for IFAs
Moneyfacts Awards (2010) - Best online service
FTAdviser Online Service awards 2008 - 5 Star Award in the Mortgage Providers and Packagers category at the FTAdviser Online Service Awards. Best Self-Certification Mortgage Provider - Moneyfacts Awards 2007
11th Annual Webby Awards (2007) - Official Honoree
Gold Standard rating - Mortgage Strategy Awards (2006)
10th Annual Webby Awards (2006) - Official Honoree
Mortgage Magazine Awards 2006 - Best Flexible Mortgage Lender
Best Self-Certification Mortgage Provider - Moneyfacts Awards 2006
Best Notice Business Account Provider - Business Moneyfacts Awards 2006
Controversy
Smear campaign
In January 2006, Standard Life were accused of smearing a policy-holder, Michael Hogan, who was not happy with the way the company was being run. An e-mail sent to Standard Life executives and advisors (which was disclosed under the Data Protection Act) revealed an attempt to discredit him.
Racism
In January 2007, the head of Standard Life's life and pensions business, Trevor Matthews, used the phrase "nigger in the woodpile" while giving a presentation at one of the company's Edinburgh offices. After issuing an apology, Mr Matthews remained in his job and no disciplinary action was taken.
Job cuts
In March 2007 the company announced it would cut 1,000 jobs in an attempt to save an additional £100 million per year in costs. One month later it was highlighted in the company's annual report that three of Standard Life's top executives (Sandy Crombie, Keith Skeoch and Trevor Matthews) were awarded more than £5 million in pay. A Standard Life spokesman defended the awards, citing the leadership's efforts in turning round the company's fortunes.
Data loss
In May 2007, Standard Life sent some policy documents out to the wrong customers. Around 300 people had their personal and financial details made public, causing fears of identity theft. The company pledged to step up security procedures after the error. No action was taken by the FSA.
References
- ^ Preliminary Results 2009
- ^ Standard Life to axe 1,000 jobs
- Standard Life awards3
- Is Standard Life fighting fair?
- "Standard Life boss says 'I'm so sorry' over racist remark"
- ^ Fury at £5m for Standard Life bosses
- ^ Identity theft fears after SL letters blunder
External links
55°56′54″N 3°12′26″W / 55.948312°N 3.207092°W / 55.948312; -3.207092
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