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Standard Life plc
(LSE:SDLF)
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Rating:55Neutral
Price Target:
944.00 p
▲(0.75% Upside)
Action:Reiterated
Date:09/15/26
The score is held back primarily by weak financial performance (losses and volatile cash flow despite improved leverage). Offsetting factors include a supportive earnings-call outlook with reaffirmed targets and strategic growth drivers, plus a high dividend yield and a moderately constructive longer-term price trend; negative P/E and mixed near-term momentum temper the overall rating.
Positive Factors
Workplace growth and retention
Strong workplace wins and exceptionally high client retention support recurring asset gathering and durable customer relationships. This combination can reinforce scale, improve operating leverage, and provide a more stable foundation for future fee income and cash generation.
Negative Factors
Recurring losses and unstable cash flow
Persistent losses, volatile revenue, and the sharp 2025 cash-flow reversal reduce earnings quality and predictability. These issues can constrain internally funded investment, make dividends and capital allocation harder to sustain, and leave results more exposed to operating volatility.
Read all positive and negative factors
Positive Factors
Negative Factors
Workplace growth and retention
Strong workplace wins and exceptionally high client retention support recurring asset gathering and durable customer relationships. This combination can reinforce scale, improve operating leverage, and provide a more stable foundation for future fee income and cash generation.
Read all positive factors
Standard Life plc (SDLF) vs. iShares MSCI United Kingdom ETF (EWC)
Market Cap
£8.94B
Dividend Yield6.34%
Average Volume (3M)2.03M
Price to Earnings (P/E)―
Beta (1Y)1.15
Revenue Growth134.92%
EPS Growth22.49%
CountryUK
Employees5,519
SectorFinancial
Sector Strength70
IndustryInsurance - Life
Share Statistics
EPS (TTM)-0.49
Shares Outstanding1,006,837,300
10 Day Avg. Volume2,574,788
30 Day Avg. Volume2,027,685
Financial Highlights & Ratios
PEG Ratio0.27
Price to Book (P/B)10.00
Price to Sales (P/S)0.20
P/FCF Ratio1.92
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
£982.50Price Target Upside4.86% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering6
EPS Forecast (FY)0.65
Revenue Forecast (FY)£6.18B
Standard Life plc Business Overview & Revenue Model
Company Description
Standard Life plc, a long-established financial services firm founded in 1782 and headquartered in London, United Kingdom, specializes in providing long-term savings and retirement solutions throughout Europe. Its operations are organized into key...
Standard Life plc Earnings Call Summary
Earnings Call Date:Sep 07, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Mar 22, 2027
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.Positive Updates
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.
Negative Updates
Large Retail Gross Outflows
Retail gross outflows remained sizable at GBP 7.3 billion in the first half. Management said roughly one-third of annualized outflows, approximately GBP 5 billion, represented customers taking income in retirement, while approximately two-thirds, or GBP 10 billion annualized, represented transfers to competitors.
Read all updates
Q2-2026 Updates
Positive
Negative
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.
Read all positive updates
Company Guidance
Standard Life remains on track to achieve its GBP 1.1 billion operating profit target in 2026, deliver its GBP 250 million target, net of inflation by the end of this year, including the final GBP 40 million component expected in the second half of 2026, and achieve GBP 500 million recurring management actions each year; it remains confident in mid-single-digit percentage growth in operating cash generation into the long term and mid-single-digit OCG growth guidance, expects excess cash to be GBP 0.5 billion at the full year, will target a 30% leverage ratio, expects the shareholder coverage ratio to rebound in the second half, expects the PRT partnership to launch in the first half of next year, and sees GBP 5 billion to GBP 7 billion per annum of incremental business from the partnership, while the Aegon U.K. acquisition is expected to unlock GBP 0.8 billion of net synergies and increase excess cash by GBP 0.4 billion over the next 5 years.Standard Life plc Financial Statement Overview
Summary
Income Statement
38
Negative
Balance Sheet
55
Neutral
Cash Flow
42
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 50.51B | 37.25B | 25.02B | 26.71B | -8.66B | 24.38B |
| Gross Profit | 45.59B | 32.51B | 20.52B | 22.37B | -13.91B | 16.32B |
| EBITDA | 381.00M | 313.00M | -789.00M | 549.00M | -3.85B | -168.00M |
| Net Income | -464.00M | -443.00M | -1.09B | 56.00M | -2.72B | -837.00M |
Balance Sheet | ||||||
| Total Assets | 352.22B | 332.24B | 307.86B | 299.31B | 281.04B | 327.77B |
| Cash, Cash Equivalents and Short-Term Investments | 7.45B | 7.30B | 9.45B | 7.22B | 8.84B | 9.11B |
| Total Debt | 3.30B | 59.00M | 4.23B | 3.88B | 4.65B | 4.82B |
| Total Liabilities | 351.89B | 330.95B | 305.61B | 295.77B | 276.80B | 318.94B |
| Stockholders Equity | -218.00M | 738.00M | 1.71B | 2.99B | 3.71B | 5.82B |
Cash Flow | ||||||
| Free Cash Flow | 3.19B | 3.85B | 4.07B | 6.92B | -3.32B | -1.26B |
| Operating Cash Flow | 3.20B | 3.85B | 4.07B | 6.92B | -3.32B | -1.26B |
| Investing Cash Flow | -39.00M | -32.00M | -39.00M | -20.00M | 0.00 | 304.00M |
| Financing Cash Flow | -1.30B | -947.00M | -849.00M | -566.00M | -966.00M | -857.00M |
Standard Life plc Technical Analysis
Neutral
937.00
Price Trends
896.09
Negative
841.20
Positive
763.60
Positive
Market Momentum
0.80
Positive
47.74
Neutral
17.98
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For GB:SDLF, the sentiment is Neutral. The current price of 937 is above the 20-day moving average (MA) of 901.12, above the 50-day MA of 896.09, and above the 200-day MA of 763.60, indicating a neutral trend. The MACD of 0.80 indicates Positive momentum. The RSI at 47.74 is Neutral, neither overbought nor oversold. The STOCH value of 17.98 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for GB:SDLF.
Standard Life plc Peers Comparison
UnderperformOutperform
Sector (68)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
69 Neutral | £23.22B | 8.70 | 18.25% | 0.02% | 34.59% | 6.85% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
61 Neutral | £5.24B | 9.85 | 37.02% | 1.69% | 164.23% | 13.81% | |
59 Neutral | £824.74M | 150.00 | 0.25% | 6.54% | 192.47% | ― | |
58 Neutral | £7.73B | -69.54 | -3.86% | 6.43% | 67.89% | -87.40% | |
56 Neutral | £15.82B | 25.15 | 27.28% | 7.50% | 136.58% | 192.71% | |
55 Neutral | £8.94B | -18.05 | -178.46% | 6.34% | 134.92% | 22.49% |
* Financial Sector Average
GB:SDLF
Standard Life plc
884.50
280.18
46.36%
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33.92%
GB:PRU
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GB:STJ
St. James's Place
1,063.50
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GB:MNG
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Standard Life plc Corporate Events
Business Operations and StrategyPrivate Placements and FinancingRegulatory Filings and Compliance
Standard Life Updates £5bn Euro Medium Term Note Programme Documentation
Positive
Sep 10, 2026
Standard Life plc has published a Supplementary Offering Circular for its £5,000,000,000 Euro Medium Term Note programme, following confirmation from the International Securities Market of the London Stock Exchange that it has no comments on ...
Executive/Board ChangesRegulatory Filings and Compliance
Standard Life Discloses Executive Share Incentive Plan Purchases
Positive
Sep 8, 2026
Standard Life plc has disclosed routine share purchases by senior executives under its Share Incentive Plan, in line with U.K. Market Abuse Regulation requirements. Computershare Trustees bought ordinary shares on behalf of eligible employees, who...
Business Operations and StrategyFinancial DisclosuresM&A Transactions
Standard Life boosts earnings and scale with Aegon UK deal and PRT partnership
Positive
Sep 7, 2026
Standard Life plc is a UK retirement specialist focused on savings and income, managing £333 billion in assets across pensions, savings and annuity offerings. It combines capital-light fee-based Pensions and Savings with capital-utilising Ret...
Regulatory Filings and Compliance
Standard Life Confirms Total Voting Rights and Share Capital
Neutral
Sep 1, 2026
Standard Life plc has confirmed that as of 28 August 2026 its issued share capital consists of 1,006,837,302 ordinary shares of 10 pence each, with each share carrying one vote on a poll. The company holds no shares in treasury, so the total numbe...
Business Operations and StrategyPrivate Placements and Financing
Standard Life seals £2bn PRT partnership to target largest UK pension schemes
Positive
Aug 20, 2026
Standard Life plc has formed a strategic UK Pension Risk Transfer partnership with CVC, Prudential Financial Inc., Goldman Sachs, MSAD and other institutional investors, backed by up to £2bn of capital over five years. The collaboration is de...
Business Operations and StrategyDelistings and Listing Changes
Standard Life Adds Shares to LSE Listing via Employee Share Plan
Positive
Aug 11, 2026
Standard Life plc has admitted 121,338 new ordinary shares of 10 pence each to trading on the London Stock Exchange’s Main Market under its existing block admission arrangements. The shares were allotted pursuant to the company’s Share...
Business Operations and StrategyRegulatory Filings and Compliance
Standard Life Executives Boost Holdings Through Share Incentive Plan
Positive
Aug 6, 2026
Standard Life plc has disclosed that its directors and other senior executives acquired ordinary shares under the company’s Share Incentive Plan, in line with UK Market Abuse Regulation requirements. The monthly purchase, executed via Comput...
Regulatory Filings and Compliance
Standard Life Confirms Voting Rights and Share Capital Structure
Neutral
Aug 3, 2026
Standard Life plc has confirmed that, as of 31 July 2026, its issued share capital consists of 1,006,801,367 ordinary shares, each carrying one vote, with no shares held in treasury. This disclosure clarifies that the total number of voting rights...
Business Operations and StrategyPrivate Placements and Financing
Standard Life Launches £5bn EMTN and £350m RT1 Note Offerings
Positive
Jul 17, 2026
Standard Life plc has published offering circulars for a £5 billion Euro Medium Term Note programme and £350 million Fixed Rate Reset Perpetual Restricted Tier 1 Contingent Convertible Notes. Both sets of notes are intended to be admitte...
Business Operations and StrategyRegulatory Filings and Compliance
Standard Life Discloses Executive Share Incentive Plan Purchases
Neutral
Jul 6, 2026
Standard Life plc has reported routine share acquisitions by senior executives under its Share Incentive Plan, a UK-compliant employee share ownership scheme. The plan allows eligible staff to buy partnership shares from salary contributions, with...
Regulatory Filings and Compliance
Standard Life Confirms Share Capital and Voting Rights as of 30 June 2026
Neutral
Jul 1, 2026
Standard Life plc has confirmed that, as of 30 June 2026, its issued share capital consists of 1,006,724,247 ordinary shares with a nominal value of 10 pence each, with no shares held in treasury. Each ordinary share carries one vote on a poll, gi...
Executive/Board ChangesRegulatory Filings and Compliance
Standard Life COO Exercises Deferred Bonus Share Options and Sells Stock to Cover Tax
Neutral
Jun 17, 2026
Standard Life plc disclosed that Group Chief Operating Officer Jacqueline Noakes has exercised 14,531 nil-cost options over ordinary shares granted under the company’s Deferred Bonus Share Scheme linked to the 2022 financial year bonus. As p...
Business Operations and StrategyPrivate Placements and Financing
Standard Life Completes Full Redemption of £250m Tier 3 Notes
Positive
Jun 15, 2026
Standard Life plc has completed another step in its ongoing debt redemption programme, underscoring continued efforts to optimise its capital structure. The company has fully redeemed its £250 million 4.016 per cent Tier 3 subordinated notes ...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.