Standard Life (LSE:SDLF) reported a 25% rise in IFRS adjusted operating profit to £451m for the six months to 30 June, up from H1 2025, while posting an IFRS loss after tax of £156m.
Operating cash generation grew 6% year-on-year to £705m, and the retirement savings and income specialist maintained its interim dividend at 27.35p per share.
Growth was broad-based: the capital-light Pensions and Savings division lifted operating profit 36% to £244m on 10% growth in average assets under administration to £217bn, while Retirement Solutions, its spread-based Pension Risk Transfer and annuities business, grew operating cash generation 5% to £466m and operating profit 13% to £324m.
"Standard Life continues to demonstrate exciting momentum against our vision to be the UK's leading retirement savings and income business," said Andy Briggs, group chief executive officer.
The Solvency II surplus stood at £3.6bn at period end, down 11% over six months, with the shareholder capital coverage ratio at 176%, seven percentage points lower but still in the upper half of its 140-180% target range.
The company's £2bn acquisition of Aegon UK, announced 15 April, remains on track to complete around the end of 2026 pending regulatory approval, and would make Standard Life the largest player in the UK Pensions and Savings market.
It also confirmed a proposed up-to-£2bn UK PRT partnership with CVC Capital Partners, Prudential Financial and other institutional investors, targeting a launch in the first half of 2027.
Standard Life will host a Capital Markets Update on 30 November to set out post-2026 strategic priorities and financial guidance.
