Standard Life has reported stronger operating performance for the first half of 2026, supported by growth in its pensions and savings business.
The retirement and insurance group reported IFRS adjusted operating profit of £563 million, up 25% from £451 million in the corresponding period of 2025.
Assets under administration reached £333 billion at 30 June 2026, compared with £317 billion at the end of 2025, an increase of 5%.
Verified facts
Operating cash generation increased 6% year on year to £745 million. Total cash generation rose 15% to £900 million.
Standard Life declared an interim dividend of 28.05 pence per share, 2.6% higher than the 27.35 pence paid for the first half of 2025.
Its shareholder capital coverage ratio stood at 169%, compared with 176% at the end of 2025. The Solvency II capital surplus declined from £3.6 billion to £3.2 billion.
The company nevertheless reported an IFRS loss after tax of £179 million, compared with a £156 million loss in the first half of 2025.
Within Pensions and Savings, adjusted operating profit increased 36% to £244 million. Average assets under administration in this division rose 10% to £217 billion.
Management's position
Standard Life said it remains on track to meet its targets for the end of 2026.
The company is also preparing for its proposed £2 billion acquisition of Aegon UK and recently announced a UK pension risk transfer partnership. Management believes these transactions will expand its retirement savings and income operations.
Apolifina analysis
The increase in adjusted operating profit, cash generation and assets under administration suggests that the underlying operating business strengthened during the first half.
The dividend increase may also interest income-focused shareholders.
There are qualifications, however. Standard Life still recorded a statutory loss after tax, while its capital surplus and coverage ratio declined over the six-month period. Investors should therefore distinguish the adjusted operating measures highlighted by management from the company's statutory result.
The proposed Aegon UK acquisition may create longer-term scale, but it also introduces execution and integration risk. Its eventual financial contribution cannot yet be judged from these half-year figures.
What remains uncertain
Standard Life's results can be affected by financial-market movements, interest rates, investment yields, inflation, regulatory changes and assumptions used in valuing insurance liabilities.
Adjusted measures exclude or modify some items included in statutory accounting. They should be considered alongside, rather than instead of, the full financial statements.
The Aegon UK transaction remains subject to the relevant completion process, and expected benefits may not be delivered on schedule or in full.
Primary sources
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