Half Year Results 

SLA buyback accelerated despite worsening outflows

SLA buyback accelerated despite worsening outflows

Standard Life Aberdeen’s (SLA) upcoming sale of the “capital-intensive” insurance business to Phoenix (PHNX) may be a case of giving with one hand and taking with the other. As flagged in May, around £1.75bn of proceeds from the sale will be returned to shareholders, with management accelerating an initial £175m share buyback to commence within a few days of publication of this result. However, it also makes the group even more heavily reliant on its investment management operations – a business that suffered net outflows of £19.2bn during the first half, up from £16.4bn at the 2017 half year.

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