Standard Life
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| Standard Life plc | |
 |
|
| Type | Public (LSE: SLET) |
|---|---|
| Founded | 1825 |
| Headquarters | Edinburgh, Scotland |
| Key people | Sir Brian Stewart, Chairman Sandy Crombie, CEO |
| Industry | Insurance |
| Revenue | £15,349 million (2006) |
| Operating income | £810 million (2006) |
| Net income | £395 million (2006) |
| Employees | 12,000 |
| Website | www.standardlife.com |
Standard Life (LSE: SLET) is a major employer in Edinburgh, with 7,500 employees in Scotland's capital and over 12,000 worldwide.
Standard Life Group comprises of five main areas: Standard Life Assurance Company, Standard Life Bank, Standard Life Investments, Standard Life Healthcare, and Standard Life International.
Standard Life has in excess of seven million customers worldwide, with five million in the UK. Of these, 2.6 million are with profits members of the mutual.
On September 15, 2006, the company became a constituent of the FTSE 100 Index.
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. Standard Life was reincorporated as a mutual assurance company in 1925.
The Standard Life group originally operated only through branches or agencies of the mutual company in the United Kingdom and certain other countries. Its Canadian branch was founded in 1833 and its Irish operations in 1838. This largely remained the structure of the group until 1996, when it opened a branch in Frankfurt, Germany with the aim of exporting its UK life assurance and pensions operating model to capitalise on the opportunities presented by EC Directive 92/96/EEC (the “Third Life Directive”) and offer a product range in that market with features which local providers were unable to offer. In the 1990s, the group also sought to diversify its operations into areas which complemented its core life assurance and pensions business, with the intention of positioning itself as a broad range financial services provider.
On 31 May 2006, Standard Life's voting members voted in favour of the Special Resolution for the demutualisation of The Standard Life Assurance Company and the flotation of Standard Life plc on the London Stock Exchange.
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.[1]
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