Standard Life: operating profit and cash generation rise, while the statutory loss widens
Standard Life released H1 results on 7 September 2026.
| Measure | H1 2026 | H1 2025 |
|---|---|---|
| Operating cash generation | £745m | £705m |
| Total cash generation | £900m | £784m |
| Adjusted operating profit | £563m | £451m |
| IFRS loss after tax | £(179)m | £(156)m |
| Interim dividend | 28.05p | 27.35p |
Capital and operating mix
Assets under administration reached £333bn, up 5% from December. The shareholder capital coverage ratio declined to 169% from 176%, and the Solvency II surplus fell to £3.2bn from £3.6bn.
Pensions and Savings adjusted operating profit rose 36%; Retirement Solutions increased 13%.
Outlook and transactions
Management remains on track for its end-2026 targets. The previously announced £2bn Aegon UK acquisition is expected to complete around year-end, subject to approvals. The proposed PRT partnership is expected to launch in H1 2027.
Stronger adjusted operating performance coexists with a larger statutory loss and lower capital surplus. Those different measures should be assessed together when considering dividend capacity and acquisition execution.
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