Standard Life Investment Case​

Standard Life is a retirement specialist focused entirely on retirement savings and income, and we champion the belief that everyone’s journey to and through retirement can be better. Our purpose, helping people secure a life of possibilities, demonstrates our commitment to helping customers while delivering better outcomes for all our stakeholders. We’re on an exciting journey and are executing against our strategy to achieve our vision to be the UK’s leading retirement savings and income business and with this momentum, it’s an excellent time to invest and be part of our growth story.

Why invest in Standard Life?

Our scale, trusted brand, and market-leading propositions uniquely position us to capture momentum in the large and structurally growing markets we operate in. Our focus is on supporting our 12m customers across all stages of their retirement journey through our full suite of products. We’re continuing to invest in our already strong operating model, and our strategic execution is delivering attractive financial outcomes. Our improving balance sheet is creating significant value and compelling total return potential, in the form of a secure, growing dividend and annual excess cash generation of c.£300m.

Compelling strategic opportunity​

  • Large and growing market​

    • Market size of £3.6 trillion with annual flows of £280-300 billion across the UK retirements savings and incomes markets
    • Only 1 in 7 people currently saving enough; only 10% ​taking financial advice
    • Additional regulatory and political tailwinds​

  • Uniquely positioned to capture momentum​

    • 1 in 5 UK adults already customers of Phoenix​
    • Leading workplace and annuity propositions, with respective top 3 and top 5 UK market positions. Ambitions to be top 5 in Retail
    • Full product suite to support all stages of retirement savings and income journey​

  • Strong operating model we continue to invest in​

    • Scale cost and capital efficiencies relative to peers​
    • Unique asset management model delivering stronger returns for customers and shareholders​
    • Leveraging technology to drive efficiencies and best in class customer outcomes​

Attractive financial outcomes of our 3-year strategy across 2024-2026

Cash
£1.4bn of operating cash generation in 2024 growing at mid-single digit % p.a delivers excess cash creating financial flexibility.

Capital
Resilient and efficient capital position, supports investment across our strategic priorities.  

Operating in a Shareholder Capital Coverage Ratio range of 140-180%. Commitment and capacity to de-lever to c.30% Solvency II leverage ratio by end-2026.

Earnings
Strong operational performance and executing on our cost savings programme is delivering a more efficient operating model and enhanced profitability.

£1.1bn IFRS adjusted operating profit target by the end of 2026. 

Significant value creation

  • Sustainable, growing dividend

    Attractive free cash flow yield

  • c.£300m of excess cash generated in FY2024

    Deleveraging near-term focus, beyond that our policy is to allocate to the highest returning opportunity

  • Compelling Total Return potential

Discover more

  • Results, reports and presentations

    View our latest results, reports and presentations detailing our strategic progress and financial performance.

  • Investors

    We're proud to manage around £300 billion in assets on behalf of our 12 million customers.

  • Sustainability

    We’re helping people to secure a life of possibilities.