Standard Life chief executive Sandy Crombie says he is "delighted and very proud" to be knighted in the New Year Honours List.
Crombie, who led the group through its flotation in 2006, was rewarded "for services to the insurance industry in Scotland".
The 59-year-old has been with Standard Life for 42 years, leading Standard Life Investments through its 1998 launch before assuming the group's top position in January 2004.
"I'm obviously delighted and very proud to have received this honour," Crombie says.
"However, I cannot accept this recognition without paying tribute to my family for their support, and to everyone at Standard Life who has contributed to the company's success."
HM Treasury permanent secretary Nicholas Macpherson has also been knighted, sparking anger from the Conservatives and Liberal Democrats.
Macpherson, who is on an annual salary of £196,400, was knighted for his role in dealing with Britain's deepening financial crisis and the implementaion of the bank bailout plan.
However, Liberal Democrat Vince Cable and Tory Michael Fallon hit out at Macpherson's award, saying the recognition seems "premature".IFAonline
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