Phoenix Group is to change its name to Standard Life in March next year.

The decision comes after Phoenix bought the Standard Life brand in May 2021 following its purchase of Standard Life Aberdeen’s insurance arm in 2018 for £3.28bn.

In its latest financial statement released today, the group also announced that its underlying operating profits jumped by a quarter to £451m in the six months to 30 June.

Group chief executive of Phoenix, Andy Briggs, said: “This is a strong first half performance with progress against all key financial metrics we use to drive the business, demonstrating continued momentum towards our 2026 targets.

“Changing our name from Phoenix Group Holdings plc to Standard Life plc in March 2026 brings our most trusted brand to the forefront and demonstrates our commitment to helping customers secure a better retirement.”

Briggs added that the final six months would be “just as busy as the first”.

“The UK retirement savings and income market is huge and structurally growing and we are increasingly well placed to take advantage of the attractive opportunities it presents and deliver strong returns to our shareholders, supported by changing to Standard Life plc in March 2026,” he said.

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