Slide 1: Full year 2025 results
Full year 2025 results Standard Life plc 16 March 2026
Slide 2: Agenda
Agenda 1 Progressing our strategic priorities Andy Briggs, Group Chief Executive Officer 2 Delivering on our 2026 targets Nicolaos Nicandrou, Group Chief Financial Officer 3 Looking ahead Andy Briggs, Group Chief Executive Officer Standard Life | Full year 2025 results 2
Slide 3: Progressing our strategic priorities
Progressing our strategic priorities Andy Briggs Group Chief Executive Officer
Slide 4: Successfully executing on our vision to be the UK's leading retirement savings and income business
Successfully executing on our vision to be the UK’s leading retirement savings and income business Uniquely positioned Strong execution Profitable growth driving in attractive markets of strategic priorities balance sheet strengthening Strengthening competitive Supporting better Firmly on track to d
Slide 5: Delivering our vision through our strategic priorities
Delivering our vision through our strategic priorities Strategic priorities 2025 progress Meeting more of our Products Grow existing customers’ Full product suite now available for all customers’ life stages needs and acquiring Engagement new customers Unlocking access to products and engagement opp
Slide 6: Firmly on track to deliver our 2026 targets
Firmly on track to deliver our 2026 targets Cash Capital Earnings Growing Operating Cash Generation Strengthening balance sheet Improving profitability 176% Solvency Capital Coverage Ratio (1,2): OCG, £m IFRS adjusted operating profit, £m consistently in upper half of target range Mid-single Solvenc
Slide 7: An attractive market with structural growth drivers and further tailwinds
An attractive market with structural growth drivers and further tailwinds Demographic trends and shift to Defined …with further tailwinds in each of our markets Contribution driving industry growth… Market AUA(5),£tn +c.70% Annuities: Buy-outs from established brands still the gold standard 6.1 for
Slide 8: Taking share in our chosen markets
Taking share in our chosen markets Pensions and Savings: £212bn AUA Retirement Solutions: £42bn AUA Our customer Workplace pensions Retail Annuities solutions Direct Intermediated Individual annuities Pension Risk Transfer Annual market flows £80bn(6) £150bn(7) £8-9bn(8) £35-55bn(9) Current position
Slide 9: Workplace: The foundation of the retirement savings journey
£71bn Workplace: The foundation of the retirement savings journey AUA Workplace AUA In our capital-light fee-based Pensions and Savings business 1 2 3 Strong operational outcomes Why we Leading Excellent Cost efficient are winning employer customer service administration proposition +60 NPS Customer
Slide 10: Retail: End-to-end solutions across accumulation and decumulation
£141bn Retail: End-to-end solutions across accumulation AUA Retail AUA In our capital-light and decumulation fee-based Pensions and Savings business 1 2 3 Strong operational outcomes Why we Customer Products and Leverage digital are winning engagement solutions infrastructure Customers rate their 93
Slide 11: Annuities: Securing income in retirement
£42bn Annuities: Securing income in retirement AUA Retirement Solutions AUA In our capital-utilising spread-based Retirement Solutions business 1 2 3 Strong operational outcomes Why we Leading Excellent Competitive are winning employer member pricing proposition and experience innovative products Ne
Slide 12: Strategic execution creates financial flexibility
Strategic execution creates financial flexibility Growing Operating Cash Generation and Free …supports growing dividend and excess cash Cash Flow… £bn • Expect mid-single digit % OCG growth p.a. going forward 1.4 1.5 • c.£1bn Free Cash Flow in 2025 includes £548m of growing dividend payments and £42
Slide 13: Delivering on our 2026 targets
Delivering on our 2026 targets Nicolaos Nicandrou Group Chief Financial Officer
Slide 14: Confident in achieving our financial targets over 2026
Confident in achieving our financial targets over 2026 Cash Capital Earnings FY25 results Our 2024-2026 targets £1,474m £1,711m Yearly OCG growth Cumulative TCG Cash Operating Cash Generation Total cash generation of mid-single digit % of £5.1bn +5% YoY (FY24: £1,403m) (FY24: £1,779m) 33.0% 176% Sol
Slide 15: Pensions and Savings momentum driving strong earnings growth
Pensions and Savings momentum in flows and improving margins driving strong earnings growth Cash Capital Earnings Workplace flows† strong Retail flows† improving Pensions & Savings AUA†† c.9% CAGR £bn £bn £bn 5.3 FY23 FY24 FY25 141.1 Flows and AUA 5.3 129.9 4.7 125.7 6.1 7.1 4.5 9.3 10.0 Gross inflo
Slide 16: Retirement Solutions increased contribution to operating cash
Retirement Solutions increased contribution to operating cash benefiting from new business and in-force management actions Cash Capital Earnings Individual Annuities strong growth PRT discipline maintained New business c.£6bn average p.a. £bn £bn £bn +20% 6.2 Cash deployed: £288m £206m £162m New bus
Slide 17: Strong growth in Operating Cash Generation
Strong growth in Operating Cash Generation Cash Delivering sustainable growth in surplus emergence and recurring management actions in line with guidance £m £m FY23† FY24 FY25 Mid-single digit % growth Pensions and Savings 295 350 396 1,474 1,403 1,146 560 Retirement Solutions 645 850 879 Recurring
Slide 18: On track to deliver Total cash generation target and c.£1.2bn excess cash
On track to deliver Total cash generation target and c.£1.2bn of excess total cash over 2024-2026 Cash Cumulative TCG target underpinned by growth in OCG TCG provides substantial flexibility to address debt and delivery of management actions leverage and invest in strategic priorities £bn £bn c.1.6
Slide 19: Increasing annual excess cash to be deployed to highest returning opportunities
Increasing annual excess cash to be deployed to highest returning opportunities Cash Excess cash to grow over time as OCG grows faster than our recurring uses £m Excess cash to be deployed in line with our 1,474 capital allocation approach 1,403 Recurring Whilst maintaining our progressive and susta
Slide 20: Strong recurring net capital generation increasing SCCR to 176%
Strong recurring net capital generation increasing SCCR to 176% Capital £bn Recurring net capital generation of £0.4bn (0.9) 1.4 0.1 4.0 (0.1) (0.4) 3.6 3.5 +9% SCCR FY24 Operating Operating costs, New business Non-recurring Surplus pre- Debt FY25 SII surplus surplus debt interest strain(14) items d
Slide 21: Leverage ratio improved to 33% and on track to achieve c.30% target
Leverage ratio improved to 33% and on track to achieve c.30% target Capital Improved SII leverage ratio Illustrative path to c.30% SII leverage ratio target by end-2026†† 36% FY23 FY24 FY25 (3)% 33% SII leverage 35.6% 35.8% 33.0% ratio (3)% c.30% = Debt £3.9bn† £3.7bn† £3.4bn† ÷ Regulatory FY24 SII
Slide 22: 15% growth in IFRS adjusted operating profit
15% growth in IFRS adjusted operating profit and on track for c.£1.1bn target Earnings Strong business performances and cost savings delivery driving growth in IFRS adjusted operating profit £m £m FY23 FY24 FY25 c.£1.1bn Pensions and Savings 190 316 389 945 825 Retirement Solutions 378 474 563 629 E
Slide 23: Accelerated delivery of cost savings
Accelerated delivery of cost savings Earnings On track to achieve c.£250m run-rate cost savings† by end-2026, net of inflation £m 250 250 • A total of £180m run-rate cost savings achieved, of which £28m earned in FY24 and a further £82m earned in FY25, FY26 the latter is split into: 70 FY26 • c.£55m
Slide 24: Inflection point with recurring sources nearly covering uses
Inflection point with recurring sources nearly covering uses, economic variances a known consequence of hedging Earnings £m 3,098 Sum of recurring sources and uses: £(29)m Primarily from equity hedging result following 19% blended (548) increase in equity markets. Related 945 benefits to emerge over
Slide 25: Stores of value growing double-digit
Stores of value growing double-digit and correspond to c.£10bn of discounted future pre-tax earnings Earnings Double-digit growth supported by new business, cost savings and markets. In 2025, equity market movements increased insurance contracts IFRS CSM by £0.1bn and investment contracts SII VIF by
Slide 26: Ample headroom to pay progressive and sustainable dividend
Ample headroom to pay progressive and sustainable dividend on a Cash, Capital and Earnings basis Cash Capital Earnings Cash Capital Earnings Operating Cash Generation Shareholder Capital Coverage Ratio(1,2) Parent company distributable reserves Strong track record of dividend growth, with £1,474m 17
Slide 27: Further progress towards achieving our targets
Further progress towards achieving our targets Cash Capital Earnings Cash Capital Earnings Growing OCG and excess cash Deleveraging with excess cash IFRS adjusted operating profit target covers recurring uses Mid-single £m digit % SII leverage ratio £m growth 1,474 36% c.£1.1bn 1,403 33% Excess c.30
Slide 28: Looking ahead
Looking ahead Andy Briggs Group Chief Executive Officer
Slide 29: Achieving our vision to be the UK's leading retirement savings and income business
Achieving our vision to be the UK’s leading retirement savings and income business Digital customer interface with personalised data, guidance and advice Innovative retirement Pensions and Savings Retirement Solutions income solutions Optimised asset management and fund performance Efficient Group-w
Slide 30: Building momentum as we continue to deliver on our strategic priorities
Building momentum as we continue to deliver on our strategic priorities Strategic priorities 2026 priorities Meeting more of our Engagement Grow existing customers’ Enhancing engagement with proactive “nudging”, with targeted support a further unlock needs and acquiring new customers Distribution Sc
Slide 31: Positioned to win as our competitive advantages strengthen
Positioned to win as our competitive advantages strengthen Customer engagement Capital efficiency Cost efficiency 1-in-5 UK adults are existing customers Diversified business model across fee Existing scale and leveraging technology and spread-based business Today £15bn net Margin Pensions and Savin
Slide 32: Successfully executing on our vision to be the UK's leading retirement savings and income business
Successfully executing on our vision to be the UK’s leading retirement savings and income business Uniquely positioned Strong execution Profitable growth driving in attractive markets of strategic priorities balance sheet strengthening Strengthening competitive Supporting better Firmly on track to d
Slide 33: Q&A
Q&A
Slide 34: Appendix
Appendix
Slide 35: Appendices
Appendices 1. Movement in assets under administration 10. Change in shareholder solvency capital and 19. 2024 IFRS adjusted operating profit drivers coverage 2. Movement in assets under administration 20. Pensions and Savings IFRS adjusted by segment (Pensions and Savings) 11. With-Profits simplific
Slide 36: Appendix 1: Movement in assets under administration
Appendix 1: Movement in assets under administration Movement in AUA from 1 January 2025 to 31 December 2025 Split by segment† £bn £bn 24.6 29.3 316.6 28.0 292.0 (29.3) 35.1 £(4.7)bn Group net fund flows 41.8 316.6 211.7 Pensions and Savings With-Profits Retirement Solutions Europe and Other FY24 AUA
Slide 37: Appendix 2: Movement in AUA by segment (Pensions and Savings)
Appendix 2: Movement in assets under administration by segment (Pensions and Savings) Pensions and Savings – total AUA† Pensions and Savings – Workplace† Pensions and Savings – Retail† £bn £bn £bn FY24 AUA 66.5 FY24 AUA 129.9 c.11% Gross inflows Gross inflows 3.7 5.7 - new - new Gross inflows Net fl
Slide 38: Appendix 3: Movement in AUA by segment
Appendix 3: Movement in assets under administration by segment Retirement Solutions With-Profits Europe and Other† £bn £bn £bn FY24 AUA 40.3 FY24 AUA 19.1 FY24 AUA 36.2 Gross inflows Gross inflows 1.2 4.8 - new - new Gross inflows - existing 0.2 Gross inflows Net flows Net flows 1.0 Gross inflows Ne
Slide 39: Appendix 4: Operating Cash Generation by segment
Appendix 4: Operating Cash Generation by segment £m Pensions and Savings 2025 2H25 1H25 2024 2H24 1H24 2023† Surplus emergence 300 191 109 267 166 101 223 Recurring management actions 96 40 56 83 64 19 72 Total Operating Cash Generation 396 231 165 350 230 120 295 Retirement Solutions 2025 2H25 1H25
Slide 40: Appendix 5: £560m recurring management actions
Appendix 5: £560m recurring management actions Annuity portfolio Capital Fund re-optimisation improvements simplification Evolve our annuity-backing assets whilst Improve our capital and balance sheet Increase efficiency of fund management What we do staying cashflow and maturity matched modelling a
Slide 41: Appendix 6: Group cash flow analysis
Appendix 6: Group cash flow analysis £m FY25 • Strong Total cash generation of £1,711m in the period funds our uses of cash Cash and cash equivalents at 1 January 2025 1,117 • Non-operating net cash outflows of £533m (FY24: Total cash generation† 1,711 £314m) include: Uses of cash: • £275m of invest
Slide 42: Appendix 7: Total cash generation 2024-2026 illustrative sources and uses
Appendix 7: Total cash generation 2024-2026 illustrative sources and uses £bn 3.5 TCG c.1.6 TCG 2024-2026 sources 0.6 2.9 OCG c.1.5 OCG 0.6 Investment in strategic priorities 1.8 c. 0.9 2024-2026 Dividend, operating costs and debt interest uses 0.4 c.£1.2bn excess cash generation Annuities capital 0
Slide 43: Appendix 8: Debt maturity profile and leverage ratios
Appendix 8: Debt maturity profile and leverage ratios as at 31 December 2025 Leverage ratios £500m FY24 FY25 SII leverage(3,6) 36% 33% £250m Fitch basis(4,6) 23% 23% £500m £500m $500m (1) €500m (2) (2) $500m £350m $350m (1,2) (1) (1,2) IFRS basis(5,6) 52% 53% 1H26 2H26 1H27 2H27 1H28 2H28 1H29 2H29
Slide 44: Appendix 9: Change in Life Companies' Free Surplus
Appendix 9: Change in Life Companies’ Free Surplus £bn 0.2 0.6 (1.7) 0.9 1.9 (0.2) 0.2 (0.4) 1.5 Operating Cash Generation Free surplus Surplus Recurring Other Cash remittances New business Cash remittances Economics Free surplus as at FY24 generation and management management to Group strain of ann
Slide 45: Appendix 10: Change in shareholder solvency capital and coverage
Appendix 10: Change in shareholder solvency capital and coverage £bn +9% SCCR +3% SCCR (8)% SCCR • Recurring net capital generation of 172% 184% 176% £0.4bn (+100% YoY) supported by business growth and £0.1bn less new business strain for annuities 0.5 (0.9) • Other management actions include: 0.4 0.
Slide 46: Appendix 11: With-Profits simplification programme
Appendix 11: With-Profits simplification programme Context Benefits Outcome c.£35bn AUA in With-Profits • FY25: c.£80m non-RMA benefit from 1 fund segment Non-recurring management action benefits • Total of c.£0.15bn non-RMAs benefit from 12 funds over the next two years 22 With-Profits funds, of wh
Slide 47: Appendix 12: Additional Solvency II disclosures
Appendix 12: Additional Solvency II disclosures SII Regulatory Coverage Ratio SII Shareholder Capital Coverage Ratio(1,2) FY25 Own Funds by capital tier £bn £bn £bn 151% 153% 172% 176% 8.3 Tier 3 Surplus Surplus Surplus Surplus 3.5 3.6 3.5 Tier 2 3.6 4.7 10.4 10.3 8.4 8.3 6.9 6.7 4.9 Tier 1 4.7 FY24
Slide 48: Appendix 13: Solvency II surplus hedging sensitivities and SCR
Appendix 13: Solvency II surplus hedging sensitivities and SCR Hedge unrewarded Protects SII surplus and Reduced SCR on SII market risks therefore cash generation balance sheet What we do Low SII surplus sensitivities – FY25 SII undiversified shareholder SCR† Hedged risks = We hedge unrewarded marke
Slide 49: Appendix 14: IFRS shareholders' equity to Solvency II surplus bridge
Appendix 14: IFRS shareholders’ equity to Solvency II surplus bridge £bn Impact of hedging in FY25 (post-tax) (0.4)† + 0.5 + 0.0 = 0.1 8.3 3.4 qualifying debt (4.7) (1.5) 4.4 3.6 (1.1) 4.9 2.9 0.2 Shareholders’ equity CSM (net of tax) IFRS acquired VIF Investment Other valuation SII Own Funds SCR Es
Slide 50: Appendix 15: Solvency II SCCR sensitivities
Appendix 15: Solvency II Shareholder Capital Coverage Ratio sensitivities Unrewarded market risks(17) Demographic risks(17) Rewarded market risks(17) Base Equities Long-term Long-term Long-term Currency Currency Lapse Longevity Property† Credit Credit†† position 20% fall in rates rates inflation 15%
Slide 51: Appendix 16: IFRS sensitivities
Appendix 16: IFRS sensitivities IFRS shareholders’ equity Post-tax P&L impact CSM impact £m £m £m Equities -10% 254 Equities -10% 254 Equities -10% (33) Equities +10% (259) Equities +10% (259) Equities +10% 47 Long-term Long-term Long-term 406 543 2 rates -100bps rates -100bps rates -100bps Long-ter
Slide 52: Appendix 17: IFRS equity to Solvency II Own Funds to intrinsic value walk
Appendix 17: IFRS shareholders’ equity, to Solvency II Own Funds, to intrinsic value walk IFRS shareholders’ equity to SII Own Funds (excl. debt) Illustrative view of sources of future value (not to scale) £bn (1.5) 4.9 4.4 (1.1) 2.9 0.2 Shareholders’ CSM (net IFRS Investment Other SII Own Funds Con
Slide 53: Appendix 18: 2025 IFRS adjusted operating profit drivers
Appendix 18: 2025 IFRS adjusted operating profit drivers £m Operating Non- Total IFRS Drivers of overall Risk profit on Expected economic Non- adjusted CSM adjustment investment investment experience attributable operating improvement in FY25 IFRS release release contracts† margin variances expenses
Slide 54: Appendix 19: 2024 IFRS adjusted operating profit drivers
Appendix 19: 2024 IFRS adjusted operating profit drivers £m Operating Non- Total IFRS Risk profit on Expected economic Non- adjusted CSM adjustment investment investment experience attributable operating release release contracts† margin variances expenses Other profit Pensions and Savings 33 12 349
Slide 55: Appendix 20: Pensions and Savings IFRS adjusted operating profit analysis
Appendix 20: Pensions and Savings IFRS adjusted operating profit analysis £m 2025 2H25 1H25 2024 2H24 1H24† • Insurance result benefits from CSM and RA CSM and RA release 41 20 21 45 27 18 amortisation and now includes investment margin Other insurance items 38 43 (5) 9 11 (2) on assets supporting t
Slide 56: Appendix 21: Retirement Solutions IFRS adjusted operating profit analysis
Appendix 21: Retirement Solutions IFRS adjusted operating profit analysis £m 2025 2H25 1H25 2024 2H24 1H24 • Increase in CSM and RA release, reflecting growth in CSM release 189 98 91 150 77 73 the annuity book and RA release 28 14 14 24 14 10 benefits from strategic Expected investment margin 148 6
Slide 57: Appendix 22: Movement in Group Contractual Service Margin
Appendix 22: Movement in Group Contractual Service Margin, including segmental split Movement of the Group CSM from 1 January 2025 to 31 December 2025 £m +17% 4,080 69 (274) 3,806 150 308 3,257 296 (952) 2,854 Total CSM Strategic Assumption New business Interest Total CSM CSM release Total CSM Tax T
Slide 58: Appendix 23: Shareholder credit portfolio
Appendix 23: Shareholder credit portfolio Prudently positioned shareholder Credit rating credit portfolio AAA AA A BBB 10% 45% 28% 17% 4% 2% 9% Shareholder credit assets are a small proportion of our c.£317bn balance sheet (c.13%) Our prudent portfolio is 100% investment grade† 12% 43% £42.7bn Priva
Slide 59: Appendix 24: Diversification of illiquid asset portfolio
Appendix 24: Diversification of illiquid asset portfolio as at 31 December 2025 Equity Release Mortgages Housing Associations £4.9 billion with AA rating £1.2 billion with A rating £1.2bn • Broad regional spread with average LTV of 33% • 100% of portfolio is secured on assets £0.7bn • Secured on pro
Slide 60: Appendix 25: ESG ratings and collaborations
Appendix 25: ESG ratings and collaborations Strong ESG ratings Selected collaborations and commitments Ratings agency FY24 FY25 Change MSCI AAA AAA Leader Sustainalytics 18.5 / low risk 10.5 / low risk CDP* A- A- Leader on climate S&P Global ESG 62 65 ISS ESG corporate rating C+ prime C+ prime Score
Slide 61: Appendix 26: 2026 sustainability commitments
Appendix 26: 2026 sustainability commitments ESG Theme: People ESG Theme: Planet We believe everyone’s journey to and through retirement can be better Shaping the world our customers retire into We believe that taking action to achieve net zero emissions by 2050 across our We want to be the business
Slide 62: Appendix 27: Footnotes
Appendix 27: Footnotes 1. 31 December 2025 Solvency II capital position is an the hedge-related volatility that impacts IFRS reports annual market flows p.a. Individual Annuities estimated position. shareholders’ equity, which is a known consequence market share; internal estimate based on publicly
Slide 63: Appendix 27: Footnotes (continued)
Appendix 27: Footnotes (continued) 17. Illustrative impacts assume changing one assumption sensitivity assumes management actions are taken to on 1 January 2026, while keeping others unchanged, rebalance the annuity portfolio back to the original and that there is no market recovery. They should not
Slide 64: Disclaimer
Disclaimer On 24 February 2026 we changed our name from Phoenix Group Holdings plc to Standard Life plc. References to performance to 31 December 2025 were under Phoenix Group Holdings plc. Our Company is listed on the London Stock Exchange under the ticker SDLF. This presentation in relation to Sta