Standard Life Plc · LSE:SDLF
Standard Life — H1 2026 Earnings Presentation
64 slides from Standard Life's earnings presentation, Sep 7, 2026
Slide 1: Half year 2026 results
Half year 2026 results Standard Life plc 7 September 2026
Slide 2: Agenda
Agenda 1 Building momentum across our strategic priorities Andy Briggs, Group Chief Executive Officer 2 Achieving our 2026 targets Nicolaos Nicandrou, Group Chief Financial Officer 3 Progressing to the next phase of growth Andy Briggs, Group Chief Executive Officer Standard Life | Half year 2026 res
Slide 3: Building momentum across our strategic priorities
Building momentum across our strategic priorities Andy Briggs Group Chief Executive Officer
Slide 4: Accelerating our vision to be the UK's leading retirement savings and income business
Accelerating our vision to be the UK’s leading retirement savings and income business Uniquely positioned Building momentum Poised for further growth in attractive markets through execution of with Aegon UK acquisition strategic priorities and UK PRT partnership Increases the opportunity to Achievin
Slide 5: Achieving our 2026 targets
Achieving our 2026 targets Cash Capital Earnings Growing Operating Cash Generation Strengthening balance sheet Improving profitability 169% Solvency Capital Coverage Ratio (1,2): OCG, £m IFRS adjusted operating profit, £m consistently in upper half of target range Mid-single Solvency II leverage rat
Slide 6: Building momentum across our strategic priorities
Building momentum across our strategic priorities Strategic priorities HY26 delivery Meeting more of our Announced £2bn(4) acquisition of Aegon UK Grow existing customers’ Up to £2bn initial capital commitment secured into new UK PRT needs and acquiring partnership with long-term partners† new custo
Slide 7: Uniquely positioned in attractive markets
Uniquely positioned in attractive markets Pensions and Savings: £226bn AUA Retirement Solutions: £41bn AUA Our customer Workplace pensions Retail Annuities solutions Direct Intermediated Individual annuities Pension Risk Transfer Annual market flows £80bn(5) £150bn(6) £8-9bn(7) £35-55bn(8) Current m
Slide 8: Why we are winning
Why we are winning 1 2 3 Key operational outcomes Workplace Leading Excellent Cost employer customer efficient +64NPS 99.8% £6.2bn £77bn proposition service administration (+4 since FY25)(11) Client retention New Workplace AUA scheme wins Retail Customer Products and Leverage engagement solutions di
Slide 9: Achieving our 2026 targets
Achieving our 2026 targets Nicolaos Nicandrou Group Chief Financial Officer
Slide 10: Achieving our financial targets over 2026
Achieving our financial targets over 2026 Cash Capital Earnings HY26 results Our 2024-2026 targets £745m £900m Yearly OCG growth Cumulative TCG Cash Operating Cash Generation Total cash generation of mid-single digit % of £5.1bn +6% YoY (HY25: £705m) (HY25: £784m) On track On track 29.0% 169% Solven
Slide 11: AUA x margin = profit
Pensions and Savings growth in AUA and improving margins driving strong earnings development Cash Capital Earnings Workplace flows† Retail flows† Pensions & Savings AUA† £bn £bn £bn 5.3 FY23 FY24 FY25 HY26 149.2 Flows and AUA 5.3 141.1 4.7 129.9 125.7 6.1 7.1 2.3 4.5 3.6 9.3 10.0 Gross inflows 8.5 7
Slide 12: Retirement Solutions delivering strong contributions to OCG
Retirement Solutions delivering strong contributions to OCG and continued discipline in competitive PRT market Cash Capital Earnings Individual Annuities PRT transactions New business £bn £bn Cash deployed: £288m £206m £162m £44m 1.2 6.2 £bn New business 1.0 5.1 0.6 2H 3.0 3.9 0.6 0.5 3.6 6.2 5.1 3.
Slide 13: Growing OCG in-line with mid-single digit growth guidance
Growing OCG in-line with mid-single digit growth guidance Cash Delivering sustainable growth in surplus emergence and recurring management actions in line with guidance £m £m HY24 HY25 HY26 YoY 1,474 1,403 Pensions and Savings 120 165 203 +23% 1,146 Retirement Solutions 432 443 466 +5% 2H With-Profi
Slide 14: Healthy levels of recurring net capital generation and strong surplus position supports deleveraging
Healthy levels of recurring net capital generation and strong surplus position supports deleveraging Capital £bn £0.2bn recurring net capital generation (0.4) 0.6 (0.1) 3.7 3.6 (0.0) (0.5) +5% SCCR 3.2 FY25 Operating Operating costs, New business Non-recurring Surplus pre- Debt HY26 SII surplus surp
Slide 15: Leverage ratio target achieved in June 2026
Leverage ratio target achieved in June 2026 Capital Solvency II leverage ratio(3) 36% • Post-HY26: (3)% 33% • Issued £350m Fixed Rate Restricted Tier 1 notes in July 2026 (4)% • Proceeds expected to be used in full to fund 29% a portion of the cash consideration for the proposed acquisition of Aegon
Slide 16: Cost savings target on track to achieve in 2026
Cost savings target on track to achieve in 2026 Earnings Achieving our c.£250m run-rate cost savings† Expected end-2026 delivery of our cost savings† target by end-2026, net of inflation by source of saving £m 250 250 Business simplification 2H26 40 FY26 1H26 30 Migrations 125 FY25 210 117 achieved
Slide 17: IFRS adjusted operating profit target on track to achieve
IFRS adjusted operating profit target on track to achieve Earnings Strong business performances and cost savings delivery driving growth in IFRS adjusted operating profit £m £m HY24 HY25 HY26 YoY c.£1.1bn target Pensions and Savings 149 179 244 +36% 945 825 Retirement Solutions 210 286 324 +13% 629
Slide 18: Recurring sources now more than covering recurring uses
Recurring sources now more than covering recurring uses, while economic variances a known consequence of hedging Earnings £m 2,702 Primarily from equity hedging result following an 11% blended† increase in equity markets. Related benefits to emerge over time. 2,920 HY26 sum of recurring sources and
Slide 19: Stores of value growing and correspond to c.£10bn of discounted future pre-tax earnings
Stores of value growing and correspond to c.£10bn of discounted future pre-tax earnings Earnings Growth supported by new business, cost savings and markets. In HY26, equity market movements increased insurance contracts IFRS CSM and investment contracts SII VIF by £0.5bn combined Insurance contracts
Slide 20: 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 Progressive and sustainable dividend policy, complemented by allocating excess cash to highest return opportunities £m Deleveraging to 1,474
Slide 21: Progressing to the next phase of growth
Progressing to the next phase of growth Andy Briggs Group Chief Executive Officer
Slide 22: Accelerating our vision to be the UK's leading retirement savings and income business
Accelerating our vision to be the UK’s leading retirement savings and income business Digital customer interface with personalised data, guidance and advice Pensions and Innovative retirement Retirement Savings income solutions Solutions Up to £2bn combined £2bn Aegon UK initial capital acquisition
Slide 23: £2bn Aegon UK acquisition is strategically and financially compelling
£2bn Aegon UK acquisition is strategically and financially compelling Scale leader in Strengthens Accelerates shift Attractive Efficient funding fast growing capabilities to capital-light financial structure markets outcomes #2 in Workplace(9) Transforms adviser Capital-light Unlocks £0.8bn of Attra
Slide 24: Significantly strengthens capabilities and customer offering
Significantly strengthens capabilities and customer offering Workplace Retail Enlarged Standard Life Investment Only Platform Restricted Advice Proposition Waterfront capabilities Award-winning Master Trust Smooth Managed Fund Standard Life’s award-winning EBC† leadership Tailored Investment Bonds f
Slide 25: Expanding UK PRT business with up to £2bn partnership
Expanding UK PRT business with up to £2bn partnership Expands Differentiated Access to unique Attractive participation in and unique private markets financial outcomes UK PRT market propositions origination Ability to participate in Combines Standard Life’s Enables more compelling Additional fee-bas
Slide 26: Expanding UK PRT business with up to £2bn partnership
Expanding UK PRT business with up to £2bn partnership Standard Life provides insurance, asset management and operational services to both entities Existing Standard Life business† New Standard Life PRT Solutions†† Ownership: c.25% Standard Life Target PRT market: c.75% capital partners >£2bn-sized s
Slide 27: Establishing Standard Life as a leader in the fast-growing UK savings and retirement market
Establishing Standard Life as a leader in the fast-growing UK savings and retirement market Aegon UK acquisition adds significant scale UK PRT partnership supports move to a top 3(10) in Pensions and Savings position in Retirement Solutions AuA (FY25, £bn) Gross inflows (FY25, £bn) 372 212 160 5.1 C
Slide 28: Accelerating our vision to be the UK's leading retirement savings and income business
Accelerating our vision to be the UK’s leading retirement savings and income business Uniquely positioned Building momentum Poised for further growth in attractive markets through execution of with Aegon UK acquisition strategic priorities and UK PRT partnership Increases the opportunity to Achievin
Slide 29: Q&A
Q&A
Slide 30: Appendix
Appendix
Slide 31: Appendices
Appendices 1. Movement in assets under administration 12. With-Profits simplification programme 23. Cost savings target on track to achieve in 2026 2. Movement in assets under administration 13. Additional Solvency II disclosures 24. Shareholder credit portfolio by segment (Pensions and Savings) 14.
Slide 32: Movement in assets under administration
Appendix 1: Movement in assets under administration Movement in AUA from 1 January 2026 to 30 June 2026 Split by segment £bn £bn 12.3 19.1 332.9 316.6 30.7 (15.1) 34.9 £(2.8)bn Group net fund flows 41.0 332.9 226.3 Pensions and Savings With-Profits Retirement Solutions Europe and Other FY25 AUA Gros
Slide 33: Movement in assets under administration 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 FY25 AUA 70.6 FY25 AUA 141.1 c.11% Gross inflows Gross inflows 2.0 3.0 - new - new Gross inflows Net fl
Slide 34: Movement in assets under administration by segment
Appendix 3: Movement in assets under administration by segment Retirement Solutions With-Profits Europe and Other £bn £bn £bn FY25 AUA 41.8 FY25 AUA 35.1 FY25 AUA 28.0 Gross inflows Gross inflows 2.1 0.7 - new Gross inflows - new 0.1 - existing Gross inflows Net flows Net flows Gross inflows Net flo
Slide 35: Operating Cash Generation by segment
Appendix 4: Operating Cash Generation by segment £m Pensions and Savings 1H26 2025 2H25 1H25 2024 2H24 1H24 2023† Surplus emergence 164 300 191 109 267 166 101 223 Recurring management actions 39 96 40 56 83 64 19 72 Total Operating Cash Generation 203 396 231 165 350 230 120 295 Retirement Solution
Slide 36: £318m recurring management actions
Appendix 5: £318m 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 37: Group cash flow analysis
Appendix 6: Group cash flow analysis £m HY26 • Strong Total cash generation of £900m in the period funds our uses of cash Cash and cash equivalents at 1 January 2026 846 • Non-operating net cash outflows of £171m (HY25: Total cash generation† 900 £285m) include: Uses of cash: • £(110)m of investment
Slide 38: Total cash generation 2024-2026 illustrative sources and uses
Appendix 7: Total cash generation 2024-2026 illustrative sources and uses £bn 4.4 TCG c.0.7 TCG 2024-2026 sources 0.7 3.6 OCG c.0.8 OCG 0.7 Investment in strategic priorities 2.3 c. 0.4 2024-2026 Dividend, operating costs and debt interest uses 0.4 c.£1.2bn excess cash generation Annuities capital 1
Slide 39: Progressive and sustainable dividend
Appendix 8: Progressive and sustainable dividend Cash Capital Earnings Strong track record of Operating Cash Generation Shareholder Capital Coverage Ratio(1,2) Parent company distributable reserves dividend growth, with FY25 3% CAGR at FY25 £745m 169% £5.8bn Mid-single digit % growth p.a. 140-180% t
Slide 40: Debt maturity profile and leverage ratios as at 30 June 2026
Appendix 9: Debt maturity profile and leverage ratios as at 30 June 2026 Leverage ratios £500m FY25 HY26 SII leverage(3,6) 33% 29% Fitch basis(4,6) 23% 20% £500m £500m $500m (1) €500m $500m (2) (2) (1,2) £350m £350m (1) (1,7) IFRS basis(5,6) 53% 53% 2H27 1H28 2H28 1H29 2H29 1H30 2H30 1H31 2H31 1H32
Slide 41: Change in Life Companies' Free Surplus
Appendix 10: Change in Life Companies’ Free Surplus £bn 0.3 0.3 (0.9) 0.4 1.6 (0.0) (0.0) 1.5 Operating Cash Generation FY25 LifeCo Surplus Recurring Other Cash remittances Net strain and Economics HY26 LifeCo Free Surplus generation and management management to Group funding of and other Free Surpl
Slide 42: Change in shareholder solvency capital and coverage ratio
Appendix 11: Change in shareholder solvency capital and coverage ratio £bn +5% SCCR (1)% SCCR (11)% SCCR • Recurring net capital generation of 176% 180% 169% £0.2bn supported by business growth 0.3 • Other management actions include: (0.4) 0.2 (0.1) (0.0) (0.2) 3.7 • Capital model reviews 3.6 0.3 •
Slide 43: With-Profits simplification programme
Appendix 12: With-Profits simplification programme Context Benefits Outcome c.£35bn AUA in With-Profits • c.£110m non-RMA benefit from 6 funds by 1H26 segment Non-recurring management action benefits • Total of c.£0.15bn non-RMAs benefit from 12 funds completed over the next 12 months 22 With-Profit
Slide 44: Additional Solvency II disclosures
Appendix 13: Additional Solvency II disclosures SII Regulatory Coverage Ratio SII Shareholder Capital Coverage Ratio(1,2) HY26 Own Funds by capital tier £bn £bn £bn 153% 146% 176% 169% 7.8 Surplus Surplus Tier 3 Surplus Surplus 3.6 3.2 3.6 Tier 2 3.2 4.6 10.3 10.0 8.3 7.8 6.7 6.8 4.7 Tier 1 4.6 FY25
Slide 45: Solvency II surplus hedging sensitivities and SCR
Appendix 14: 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 – HY26 SII undiversified shareholder SCR† Hedged risks = We hedge unrewarded marke
Slide 46: IFRS shareholders' equity to Solvency II surplus bridge
Appendix 15: IFRS shareholders’ equity to Solvency II surplus bridge £bn Impact of hedging in HY26 (post-tax) (0.3)† + 0.2 + 0.0 = (0.1) 7.8 2.9 qualifying (1.6) debt (4.6) 4.9 3.2 (1.1) 4.9 2.9 (0.2) IFRS shareholders’ CSM (net of tax) IFRS acquired VIF Investment Other valuation SII Own Funds SCR
Slide 47: Solvency II Shareholder Capital Coverage Ratio sensitivities
Appendix 16: 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 48: IFRS sensitivities
Appendix 17: IFRS sensitivities IFRS shareholders’ equity Post-tax P&L impact CSM impact £m £m £m Equities -10% 356 Equities -10% 356 Equities -10% (72) Equities +10% (366) Equities +10% (366) Equities +10% 86 Long-term Long-term Long-term 516 693 (10) rates -100bps rates -100bps rates -100bps Long-
Slide 49: IFRS shareholders' equity, to Solvency II Own Funds, to intrinsic value walk
Appendix 18: 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 (1.6) 4.9 (1.1) 2.9 (0.2) IFRS CSM (net IFRS Investment Other SII Own Funds Contribution A
Slide 50: HY26 IFRS adjusted operating profit drivers
Appendix 19: HY26 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 HY26 IFRS release release contracts† margin variances expenses
Slide 51: Pensions and Savings IFRS adjusted operating profit analysis
Appendix 20: Pensions and Savings IFRS adjusted operating profit analysis £m 1H26 2025 2H25 1H25 2024 2H24 1H24† • Insurance result benefits from CSM and RA CSM and RA release 22 41 20 21 45 27 18 amortisation and includes investment margin on assets Other insurance items - 38 43 (5) 9 11 (2) suppor
Slide 52: Retirement Solutions IFRS adjusted operating profit analysis
Appendix 21: Retirement Solutions IFRS adjusted operating profit analysis £m 1H26 2025 2H25 1H25 2024 2H24 1H24 • Increase in CSM release, reflecting growth in the CSM release 99 189 98 91 150 77 73 annuity book and benefits RA release 10 28 14 14 24 14 10 from strategic actions Expected investment
Slide 53: Movement in Group Contractual Service Margin, including segmental split
Appendix 22: Movement in Group Contractual Service Margin, including segmental split Movement of the Group CSM from 1 January 2026 to 30 June 2026 £m +2% 4,044 3,806 79 37 (150) 3,894 122 (974) 2,920 Total CSM Assumption New business Interest Total CSM CSM release Total CSM Tax Total CSM (net) (gros
Slide 54: Cost savings target on track to achieve in 2026
Appendix 23: Cost savings target on track to achieve in 2026 Achieving our c.£250m run-rate cost savings† by end-2026, net of inflation £m 250 250 • A total of £210m run-rate cost savings achieved, of which: 2H26 40 • £40m earned in HY25 FY26 1H26 30 125 • £95m earned in HY26 • Of the incremental £5
Slide 55: Shareholder credit portfolio
Appendix 24: Shareholder credit portfolio Prudently positioned shareholder Credit rating credit portfolio AAA AA A BBB <BBB 10% 44% 28% 17% 1% 5% 2% 9% Shareholder credit assets are a small proportion of our c.£333bn balance sheet (c.13%) Our prudent portfolio is 100% investment grade† 41% 11% £42.3
Slide 56: Diversification of illiquid asset portfolio as at 30 June 2026
Appendix 25: Diversification of illiquid asset portfolio as at 30 June 2026 Equity Release Mortgages UK Housing Associations £5.0 billion with AA rating £0.9 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 57: ESG ratings and collaborations
Appendix 26: ESG ratings and collaborations Strong ESG ratings Selected collaborations and commitments Ratings agency FY25 HY26 Change MSCI AAA AAA Leader Sustainalytics 10.5 / low risk 10.5 / low risk CDP† A- B S&P Global ESG 65 65 ISS ESG corporate rating C+ prime C+ prime Scores are as at 16 Marc
Slide 58: Sustainability 2026 key steps
Appendix 27: Sustainability 2026 key steps Our key areas of focus for Sustainability People Planet Better journeys Better futures We want to be the business that people trust to guide their retirement journey, helping We want to play our part in delivering a net zero economy and managing our impact
Slide 59: Proposed acquisition of Aegon UK - Transaction structure and key terms
Appendix 28: Proposed acquisition of Aegon UK - Transaction structure and key terms • 100% of Aegon UK to be acquired from Aegon for a total consideration of £2.0bn Consideration • Equivalent to 0.83x P/2025A Unrestricted Tier 1† • Acquisition funded via combination of £750m of cash and 181.1m newly
Slide 60: Proposed acquisition of Aegon UK - Transaction unlocks c.£0.8bn worth of total net synergies
Appendix 29: Proposed acquisition of Aegon UK - Transaction unlocks c.£0.8bn worth of total net synergies Cost synergies Capital synergies c.£1.2bn total gross Quantum • c.£110m pre-tax run-rate p.a. • c.£340m one-off synergy value† c.£0.3bn post-tax costs to achieve • Rationalising combined group •
Slide 61: Proposed acquisition of Aegon UK - Attractive financial outcomes delivered across key metrics
Appendix 30: Proposed acquisition of Aegon UK - Attractive financial outcomes delivered across key metrics Cash Capital Earnings £400m additional excess cash over first 5 years from Aegon UK acquisition (2027 – 2031) £bn c.0.9(28) c.(0.7) £160m OCG (est.)(25) Single-digit uplift to +c.£190m(26) c.0.
Slide 62: Footnotes
Appendix 31: Footnotes 1. 30 June 2026 Solvency II capital position is an 10. Pro forma for addition of UK PRT partnership writing and dividend. In this overall context and consistent estimated position. intended volumes. with previous guidance, the Board considers that the Group’s consolidated IFRS
Slide 63: Footnotes (continued)
Appendix 31: Footnotes (continued) 17. Illustrative impacts assume changing one assumption securitisations of ERM loans are excluded. The on 1 July 2026, while keeping others unchanged, and sensitivity assumes spread widening impacts on the that there is no market recovery. They should not be market
Slide 64: Disclaimer
Disclaimer On 24 February 2026 we changed our name from Phoenix Group Holdings plc to Standard Life plc. References to performance prior to this date relate to Phoenix Group Holdings plc. Our Company is listed on the London Stock Exchange under the ticker SDLF. This presentation in relation to Stand