Andy Curran, CEO of Standard Life comments as parent, Phoenix Group, publishes 2023 financial results

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Andy Curran, CEO of Standard Life, comments as parent, Phoenix Group, publishes 2023 financial results

• £1,514m of incremental new business long-term cash generation, achieving our 2025 target of c£1.5bn two years early
• This included strong growth from our capital-light Pensions and Savings business to £395m (FY22: £249m) and an increase in our Retirement Solutions business to £1,066m (FY22: £934m), supported by enhanced capital efficiency
• New business net fund flows of £6.7bn increased 72% year-on-year (FY22: £3.9bn), driven by strong Workplace flows

Andy Curran, Chief Executive Officer at Standard Life said: “Standard Life made an important contribution to the Group’s 2023 results in large part due to a fantastic year for our Workplace and BPA businesses.  As a result, we have achieved our £1.5bn new business long-term cash target two years ahead of schedule and delivered £6.7bn of new business net fund flows.

“Today people face a wide range of challenges when it comes to preparing for retirement and these range from longer lives, an increasing onus on the individual to save enough and then make decisions about how to make that money last. We believe Standard Life has an important role to play as a trusted brand that helps people journey to and through retirement.”

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About Standard Life 

• Standard Life is a brand that has been trusted to look after peoples’ life savings for nearly 200 years 
• Today it proudly serves millions of customers who come to Standard Life directly, through advisers and through their employers’ pension scheme.
• Standard Life is part of the Phoenix Group, the largest long-term savings and retirement business in the UK. We’re proud to be building on nearly 200 years of Standard Life heritage together
• Our products include a variety of Pensions, Bonds and Retirement options to suit people’s needs, helping our customers to invest and save for their future. We’re proud to offer a leading range of sustainable and responsible investment options.
• We support our customers on their journey to and through retirement with comprehensive, easy-to-understand guidance so they can invest in the right way for their needs, and plan a future they feel confident about.
• The value of investments can go down as well as up, and may be worth less than originally invested.