EarningsQ2 2026 Earnings Report
DE:1BF Q2 2026 EPS Results
Actual EPS€0.48
Consensus EPS€0.61
Beat/MissMissed by -€0.13
One Year Ago EPS€0.31
DE:1BF Q2 2026 Revenue Results
Actual Revenue€28.40B
Expected Revenue―
Beat/Miss―
YoY Revenue Growth+119.34%
Earnings Announcement Details
QuarterQ2 2026
Date09/07/2026
TimeBefore Open
Conference CallMonday, September 7, 2026
DE:1BF Upcoming Earnings
Standard Life plc's next earnings date is estimated for March 22, 2027, based on past reporting schedules.
Q2 2026 Earnings Call Audio
No earnings call audio is available for this earnings event.
Q2 2026 Earnings Slide Deck
No slide deck is available for this earnings event.
Q2 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call was strongly optimistic, with management emphasizing strong first-half growth in cash generation, operating profit, assets, customer metrics and cost savings, achievement of the leverage target, and progress toward the 2026 targets. The company also presented substantial growth opportunities from the Aegon U.K. acquisition, the PRT partnership and digital and private-market capabilities. The main negatives were sizable retail outflows, competitive PRT pricing, lower expected second-half annuity returns, hedge-related IFRS volatility and execution and regulatory work still ahead. Highlights significantly outweighed the lowlights.Company Guidance
Strong Half-Year Financial Performance
Operating cash generation was GBP 745 million, up 6% and in line with mid-single-digit growth guidance; total cash generation was GBP 900 million. IFRS operating profit increased 25% to GBP 563 million, and Standard Life remains on track to achieve its GBP 1.1 billion operating profit target for 2026.
Improved Capital and Leverage Position
The leverage ratio improved to 29% after GBP 0.5 billion of debt redemption, achieving the 30% target in the first half of 2026. Shareholder solvency cover was 169%, remaining in the upper half of the operating range, while the group regulatory Solvency II ratio was 146%.
Dividend Growth and Excess Cash Generation
The interim dividend was 28.05p per share, up 2.6% year-on-year, bringing total dividend payments across this phase of the strategy to GBP 1.4 billion. Excess cash generation was GBP 229 million in the first half, with GBP 0.5 billion expected for the full year.
Workplace Scheme Wins and Customer Metrics
Workplace Net Promoter Score increased 4 points to 64, while client retention remained exceptionally high at 99.8%. Standard Life secured GBP 6.2 billion of new scheme wins in the first half, including its largest-ever win, compared with GBP 1.5 billion of wins across the whole of 2025.
Workplace Business Growth
Workplace gross inflows were GBP 4.9 billion in the first half, including GBP 0.8 billion from new schemes. Excluding new schemes, regular gross inflows were GBP 4.1 billion, which management said highlighted the strong flywheel effect of the business.
Retail Customer Satisfaction and Product Expansion
Retail Net Promoter Score improved by 6 points to 61, and 95% of customers rated the advice proposition as good or excellent value. Standard Life reentered the onshore investment bond market, with the company citing a flow uplift, and is preparing inheritance tax planning and a targeted support proposition expected around the end of the year.
Pensions and Savings Asset and Profit Growth
Retail gross inflows increased 9% year-on-year to GBP 3.6 billion. Combined assets under administration rose 7% year-to-date to GBP 226 billion, while average AUA increased 10% year-on-year to GBP 217 billion. Pensions and savings operating profit increased 36% to GBP 244 million, supported by an improved operating margin of 22 basis points.
Retirement Solutions Growth
Retirement Solutions operating cash generation increased 5% year-on-year to GBP 466 million, based on average AUA of GBP 42 billion and an annual spread-based margin of 222 basis points. Operating profit increased 13% to GBP 324 million.
Individual Annuity and PRT Volumes
Individual annuity new premiums increased 8% year-on-year to GBP 0.6 billion, with premiums secured in the open market up 14%. PRT premiums totaled GBP 1.6 billion in the first half, with a further GBP 0.4 billion completed or at an exclusive stage after the end of June. Lifetime IRRs in the annuity business remained above 20% in the first half.
Cost Savings Ahead of Target
Cumulative run-rate cost savings reached GBP 210 million by the end of June, using technology including AI. Standard Life remains on track to deliver its GBP 250 million cost-savings target, net of inflation, by the end of 2026; first-half earned savings were GBP 95 million, GBP 55 million higher year-on-year.
Recurring Management Actions and Capital Formation
Recurring management actions contributed GBP 318 million in the first half, and the company remains confident in achieving GBP 500 million of recurring management actions each year. Pensions and savings operating cash generation increased 23% to GBP 203 million, supported by underlying business growth.
Future Value Stores Increased
The insurance contract CSM increased by GBP 0.1 billion and the investment contracts value in force increased by GBP 0.6 billion year-to-date before tax, with GBP 0.5 billion of the combined increase coming from market effects. These future stores of value are now over GBP 10 billion on a pretax discounted basis.
Aegon U.K. Acquisition Benefits
The GBP 2 billion Aegon U.K. acquisition is expected to provide GBP 0.8 billion of net synergies and increase excess cash by GBP 0.4 billion over the next 5 years. Management said the acquisition will add scale, adviser reach, financial advice, ISAs, general investment accounts and stronger capabilities for small to midsized workplace clients. Completion is expected around the end of the year, subject to regulatory approvals.
U.K. PRT Partnership Expansion
The up to GBP 2 billion U.K. PRT partnership is expected to launch in the first half of next year, subject to regulatory approvals, and could generate GBP 5 billion to GBP 7 billion per annum of incremental business. Standard Life expects to fund its GBP 500 million capital contribution over 5 years from yearly excess cash generation.
Strengthened Market Positions and Scale
On a pro forma basis including Aegon U.K. and the PRT partnership, Standard Life expects to hold number-two positions in both Workplace and Retail and a top-three position in annuities. The enlarged group is expected to become the U.K.'s largest retirement savings and income player, with GBP 0.5 trillion of assets compared with approximately GBP 300 billion for the number-two player.
Private-Market and In-House Asset Capabilities
Standard Life launched Future Opportunities, an alternative default solution intended to provide access to high-quality private assets, and is increasing private-asset allocation in its main default fund. The company also increased annuity backing assets managed in-house to GBP 12 billion and said the PRT partnership will provide access to diversified private-market origination through multiple global institutions.
Customer Base and Digital Engagement Opportunity
Management said approximately 10% of the total customer base has an active intermediary relationship, while 90% does not. Standard Life is developing Customer 360, Salesforce CRM integration and proactive customer nudges; of 4 million Standard Life-branded pensions and savings customers, half are already engaged digitally, with plans to extend digital engagement to the remainder and to Phoenix Life and ReAssure customers.
Positive European Business Performance
Management said the European business is performing strongly, particularly the international bond business manufactured in Dublin and the Irish domestic business.
DE:1BF Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed