The group says the change will bring its “most trusted brand” to the forefront, as it moves to a branded house strategy with Standard Life as the masterbrand.
Insurance business Phoenix Group will rebrand as Standard Life in March next year, as it looks to focus attention on its “most trusted brand”.
The business believes Standard Life represents “the combined scale and strength of the group”, allowing it to provide “a consistent brand image”, which “creates clarity”, “unifies” its culture, and “concentrates investment behind a single, recognisable brand”.
The change will see the group move away from a masterbrand strategy with endorsed customer brands, and towards a branded house strategy with Standard Life as the masterbrand.
CEO Andy Briggs said the move brings its “most trusted brand to the forefront” and demonstrates the company’s “commitment to helping customers secure a better retirement”, during a call with investors for its half-year results today (8 September).
He added that it better aligns the brand strategy with the group strategy, helping with its objective to “simplify” the business. It also supports the company’s “organic growth strategy” as it “reduces costs”, “unifies” colleagues and strengthens the employer brand, he said.
Phoenix Group, which also owns SunLife, bought the Standard Life brand in May 2021 after it acquired Standard Life Assurance Limited from Aberdeen Group in 2018 as part of a strategic partnership.
Phoenix Group posted what Briggs described as a “strong” performance in the first half of the year. The business, which supports 12 million customers in managing over £295bn in assets under administration, says it is on track to hit all financial targets that support its progressive and sustainable dividend policy for the remainder of the year.
In 2023, group brand and marketing director Ben Rhodes told Marketing Week Phoenix Group was on a mission to build trust to become “the Unilever of its category”.
A year prior to his appointment as the group’s first brand director, he shared that purpose had “never been more important”, as he introduced a new multi-brand strategy and architecture for the group.
