Standard Life Plc · LSE:SDLF
Standard Life — Merger or Acquisition (April 2026)
16 slides from Standard Life's merger presentation, Apr 15, 2026
Slide 1: Proposed acquisition of Aegon UK
Proposed acquisition of Aegon UK Accelerates our vision to be the UK’s leading retirement savings and income business Standard Life plc 15 April 2026
Slide 2: Accelerates our vision to be the UK's leading retirement savings and income business
Accelerates our vision to be the UK’s leading retirement savings and income business ✓ ✓ ✓ ✓ ✓ Scale leader in Strengthens Accelerates shift Attractive Efficient funding fast growing capabilities to capital-light financial structure markets outcomes [ ](1) #2 in Workplace Transforms adviser [ ] Capi
Slide 3: Transaction structure and key terms
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(1) • Acquisition funded via combination of £750m of cash and 181.1m newly issued Standard Life shares to Aegon Funding
Slide 4: Aegon UK is a leading UK savings and retirement platform
Aegon UK is a leading UK savings and retirement platform A growing business... …servicing 3.8m customers(1)… …through a range of retirement savings and income products Aegon UK AuA (2025, £bn) • Leading UK savings and retirement platform Workplace 2.1m 32 • Broad range of workplace and retail soluti
Slide 5: Transaction establishes Standard Life as a leader in the fast growing UK savings and retirement market
Transaction establishes Standard Life as a leader in the fast growing UK savings and retirement market Establishes Standard Life as the UK’s largest long-term Pensions and Savings retirement savings and income business AuA (2025, £bn) AuA (2025, £bn) 160 477 372 317 212 160 Standard Life Aegon UK Co
Slide 6: Significantly strengthens capabilities and customer offering
Significantly strengthens capabilities and customer offering Workplace Retail Enlarged Standard Investment Only Platform Restricted Advice Proposition Life Award winning Master Trust Smooth Managed Fund Standard Life’s Waterfront capabilities award winning EBC(1) leadership Tailored Investment Bonds
Slide 7: Workplace: Transaction elevates Standard Life to #2 player in growing UK market
Workplace: Transaction elevates Standard Life to #2 player in growing UK market 1 2 3 Why we Leading Excellent Scale Gross annual flows are winning employer customer service administration proposition and £80bn distribution £18bn Enhanced • Award winning • Technology • Outstanding capabilities for s
Slide 8: Retail: Transaction transforms Standard Life to #2 player in growing UK market
Retail: Transaction transforms Standard Life to #2 player in growing UK market 1 2 3 Why we Customer and Products and Leverage Gross annual flows are winning adviser Solutions digital engagement infrastructure £150bn • AWS(1) capabilities • Modern adviser • Combining digital Enhanced enabling data d
Slide 9: Accelerates business shift to capital-light earnings
Accelerates business shift to capital-light earnings FY25 standalone FY25 pro forma adjusted operating profit adjusted operating profit (2) • Increases capital-light weighting while maintaining exposure to attractive annuity markets 47% 43% • We remain committed to allocating 53% £200m p.a. into ann
Slide 10: Transaction unlocks c.£0.8bn worth of total net synergies
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(1) c.£0.3bn post-tax costs to achieve • Rationalising combined group • Diversification benefit Drivers platforms and
Slide 11: Track record of successful integrations with clear plans in place
Track record of successful integrations with clear plans in place Track record of M&A integration Year 1 Year 2 Year 3 Year 4 Year 5 Phase 1 Corporate functions 2023 2021 Phase 2 Internal model harmonisation & Part VII Standard Life Assurance Limited 2018 Phase 3 Customer and technology Transitional
Slide 12: Attractive financial outcomes delivered across key metrics
Attractive financial outcomes delivered across key metrics Cash Capital Earnings £160m OCG (est.)(1) Single-digit uplift to +c.£190m(2) growing in line with our Solvency Capital IFRS adjusted operating mid-single digit % Coverage Ratio profit guidance +£400m Mid-single digit excess cash over 5 years
Slide 13: £400m additional excess cash over first 5 years provides further financial flexibility
£400m additional excess cash over first 5 years provides further financial flexibility Additional excess cash from Aegon UK acquisition Excess cash to be deployed in line with our capital (2027 – 2031) allocation approach c.£0.9bn(1) c.£0.7bn c.£0.6bn(2) c.£0.4bn Progressive and sustainable dividend
Slide 14: Accelerates our vision to be the UK's leading retirement savings and income business
Accelerates our vision to be the UK’s leading retirement savings and income business ✓ ✓ ✓ ✓ ✓ Scale leader in Strengthens Accelerates shift Attractive Efficient funding fast growing capabilities to capital-light financial structure markets outcomes [ ](1) #2 in Workplace Transforms adviser [ ] Capi
Slide 15: Q&A
Q&A
Slide 16: Disclaimer
Disclaimer On 24 February 2026 we changed our name from Phoenix Group Holdings plc to Standard Life plc. References to Other factors which could cause actual results to differ materially from those estimated by forward-looking statements performance to 31 December 2025 were under Phoenix Group Holdi