Standard Life Investment Case​

Standard Life is a retirement specialist focused entirely on retirement savings and income, and we champion the belief that everyone’s journey to and through retirement can be better. Our purpose, helping people secure a life of possibilities, demonstrates our commitment to helping customers while delivering better outcomes for all our stakeholders. We continue to demonstrate exciting momentum and are executing against our strategy to achieve our vision to be the UK’s leading retirement savings and income business. Poised for future growth with the acquisition of Aegon UK and our recently announced UK PRT partnership, which are set to further strengthen our capabilities and customer offering, it’s an excellent time to invest and be part of our growth story.

Why invest in Standard Life?

Our scale, trusted brand, and market-leading propositions uniquely position us to capture momentum in the large and structurally growing markets we operate in. By focusing on the needs of our 12m customers1, investing in our suite of propositions, and improving the efficiency of our operations, we are helping more customers achieve better outcomes while delivering attractive financial returns. Our cash generation is creating significant value and compelling total return potential, in the form of a secure, growing dividend and annual excess cash generation of over £500m.

Compelling strategic opportunity​

  • Large and growing market​

    • Market size of £3.6tn2 with annual flows of c.£270-300bn3 across the UK retirement savings and income markets
    • Market is expected to increase to £6.1tn by 20342
    • Only c.10% of people access and pay for independent financial advice4
    • Additional political, regulatory and economic tailwinds

  • Uniquely positioned to capture momentum​

    • ​Only scale UK player focused solely on retirement savings and income, with a product suite that supports the full lifecycle
    • Leading workplace and annuity propositions, and momentum in retail, enhanced by Aegon UK acquisition and UK PRT partnership
    • ​Aegon UK acquisition set to add c.4m customers and c.£160bn AUA; creating UK’s largest retirement savings and income business
    • ​UK PRT partnership will expand presence in market, broaden capabilities, and generate attractive returns

  • Strong operating model we continue to invest in​

    • Scale-driven cost and capital efficiencies relative to peers​
    • Unique in-house asset management expertise supporting better customer outcomes and enhancing returns​
    • Leveraging technology, including AI, to create a more efficient, scalable business and deliver best-in-class customer outcomes​

Attractive financial outcomes of our 3-year strategy across 2024-2026

Cash

Operating Cash Generation on track for mid-single digit growth per annum, from a base of £1.5bn in 2025, delivering excess cash creating financial flexibility.

Over £500m of excess cash generated after dividend payments of c.£550m. £1.4bn of dividends paid to shareholders over 2024-HY2026.

Capital

Resilient and efficient capital position, supports investment across our strategic priorities.  

Shareholder Capital Coverage Ratio in upper half of 140-180% operating range. End-2026 c.30% SII leverage ratio target achieved early with £0.5bn debt repaid in HY2026.

Earnings

Strong operational performance and executing on our cost savings programme is delivering a more efficient operating model and enhanced profitability.

On track for IFRS adjusted operating profit target of c.£1.1bn by end-2026.

On track to deliver our 2026 targets

Significant value creation

  • Sustainable, growing dividend

    2.6% YOY increase in 2025 Total dividend

  • We expect to deliver
    c.£500m of excess cash
    in 2026

    Our policy is to allocate to the highest returning opportunity

  • Compelling Total Return potential

1 Figure correct as of  31 December 2025

2 Company analysis of market data and industry forecasts, 2024 LCP Pension Risk Transfer report, NMG, The 2024 Purple Book, publicly available financial disclosures, and FY24 and HY25 financial disclosures.
 
3 Company estimate based on NMG market model (2024) and 2025 LCP Pension Risk Transfer report, NMG market model (2024) data, and internal estimates based on publicly available information. 

4 https://library.standardlife.co.uk/What-role-could-targeted-support-play-in-supporting-consumers-in-retirement.pdf

Discover more

  • Annual report 2025

    View our latest annual report and accounts.

  • Results, reports and presentations

    View our latest results, reports and presentations detailing our strategic progress and financial performance.

  • Investors

    We’re a retirement specialist focused entirely on retirement savings and income.