Standard Life beats forecasts to hit targets – Daily Business

Growth business: Standard Life is meeting its targets

Standard Life, which returned as a stock market listing last month, reported significant progress against its three-year strategy with a better-than-expected rise in profits.

Growth was led by its capital-light pensions and savings business and strong demand for retirement solutions.

Formerly known as Phoenix, the savings and investment group specialises in buying and managing books of life insurance businesses closed to new customers.

It posted a 15% increase in IFRS adjusted operating profit to £945m and a 5% rise in operating cash generation to £1.47 billion.

Analysts were expecting a profit of £937m and total cash of £1.66bn, according to a company-compiled consensus. 

The company is on track to meet its three-year financial targets, including approximately £500m in excess cash generation for 2026.

The board is recommending a 2.6% rise in the final dividend increased to 28.05p per share, bringing the total dividend to 55.4p.

Andy Briggs, group CEO, said: “Our results demonstrate strong progress delivering on our strategic priorities.

“Further profitable growth and a strengthened solvency balance sheet have supported increased shareholder returns and greater financial flexibility for the future, underpinned by the significant and growing levels of excess cash our business generates.

“We are firmly on track to deliver our 2026 financial targets, building momentum by continuing to sharpen our competitive position in one of the world’s most attractive savings and retirement markets.

“Operating as Standard Life plc brings our most trusted brand to the forefront, demonstrating our commitment to helping our customers achieve better outcomes and greater financial security in later life. We look to the future with confidence.”

See also

Liontrust acquires asset management arm of River Global

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