Standard Life CEO Andy Curran has announced he will retire in the summer of 2025 after spending five years in the role.
In total he has spent 35 years in the retirement and savings sector.
Standard Life is owned by Phoenix Group, the UK’s largest long-term savings and retirement business, which is in the FTSE 100.
During Curran’s tenure as CEO, the firm “has become a key driver of the group’s organic growth”.
In March 2024, Phoenix Group saw IFRS adjusted operating profit before tax in 2023 increase by 13% year-on-year to £617m.
It said this was driven by “strong growth” in its pension and savings business which was also up by 27% to £190m.
It also saw new business net fund flows of £6.7bn, which increased 72% year-on-year, “driven by strong workplace flows”.
Standard Life was said to have made an “important contribution” to the group’s 2023 results.
This was largely due to a “fantastic” year for its workplace and bulk purchase annuities (BPA) businesses, according to Curran.
In 2020, Curran set out a growth strategy for Standard Life which focused initially on the Workplace and BPA markets, where the company has now become a “leading player”.
He played a pivotal role in the business hitting its £1.5bn new business long-term cash target two years ahead of schedule in 2023.
He also focused on reinvigorating the historic brand and extending the range of retail savings products offered to customers.
Following his retirement the company will move to a flatter leadership structure which will see the Retirement Solutions and Asset Management divisions coming together to create a new business unit.
This new business unit will be led by Phoenix Group chief investment officer Mike Eakins.
Phoenix Group CEO Retirement Solutions Tom Ground will report into Eakins and remain a member of the Executive Committee.
Leadership consistency will be retained in the Standard Life business with Colin Williams CEO pension and savings, Standard Life CEO Ireland Nigel Dunne and SunLife CEO Mark Screeton all remaining in their roles.
Curran said: “I have seen many changes first hand since I joined this sector 35 years ago and the industry’s role in society continues to be more important than ever. Our research shows that 17 million people are expecting an income below the PLSA’s minimum retirement living standard or are not on track to achieve it. By the early 2040s, three in five people will be entering retirement with inadequate savings. Urgent action is needed to reverse this.
“It has been a privilege to lead the team at Standard Life and be part of Phoenix Group since 2020. It has been a great company to work at over the past five years and with the leadership team in place I know it has a fantastic future ahead of it.”
Phoenix Group CEO Andy Briggs added: “It has been an absolute pleasure to work so closely with Andy, in particular in his role as CEO of Standard Life. He has been inspirational in transforming and turning around the business and he has been a tireless champion of customer interests.
“Standard Life is as committed as ever to delivering exceptional outcomes for customers, clients, and shareholders, as part of Phoenix Group’s wider strategy. The future is exciting for Standard Life and we look forward to harvesting the benefits of the strategy that the team have put in place under Andy’s leadership. I wish him well in his retirement.”
In September 2023, Money Marketing sat down with Curran and spoke to him about his journey both professionally and personally to Standard Life CEO.
Let’s hope that they can now enter the 21 century. I tried to make a switch on their platform. (My personal investments) Can’t be done. One has to issue instructions in writing or on the phone. Then the contract notes can’t be sent by e-mail – only snail mail. Takes me back to the 1980’s!