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Standard Life Aberdeen sees extra annual savings of 100 million pounds from Phoenix sale

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LONDON (Reuters) – Standard Life Aberdeen <SLA.L> on Wednesday said it expected to save an extra 100 million pounds a year in ‘efficiency savings’ by 2020 after it completes the sale of its insurance business to Phoenix Group <PHNX.L>.

The company, which on Tuesday said it planned to return as much as 1.75 billion pounds to investors, said the savings would come as a result of its revised operating model and were in addition to cost synergies of 250 million pounds a year.

(Reporting by Simon Jessop; editing by Emma Rumney)

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