Standard Life reports that its members have voted overwhelmingly in favour of its proposed demutualization.

Of the 1.6 million members who voted, 98% endorsed the planned demutualization of Standard Life Assurance Co., and the listing of Standard Life plc on the London Stock Exchange. About 2.4 million people were eligible to vote, so 65% of all members supported the move.

The firm required 75% of those who voted to approve the demutualization. The result was announced at the end of the company’s special meeting in Edinburgh.

Following the announcement, Fitch Ratings affirmed the insurer’s credit rating. Fitch says it views this voting result as an important milestone in the delivery of the company’s strategy and is in line with the expectations underlying its positive outlook on the firm. The next key date in the demutualization process is in July, when the group is expected to raise approximately £1.1 billion in equity capital, it says.

“The positive outlook continues to reflect SLAC’s resilience in maintaining a strong business position as a leading player in the UK life and pensions market. It also reflects the improving capital position and Fitch’s view that the demutualisation process will be successfully completed in 2006,” it says.