Standard Life, formerly known as Phoenix Group, has today reported a better-than-expected rise in annual profit, buoyed by growth in its capital-light pensions and savings business and demand for retirement products.
The company said 2025 adjusted operating profit before tax was £945m, while total cash stood at £1.71bn.
Strong inflows into long-term savings products, robust demand for annuities and retirement solutions, and customers seeking stable income in volatile markets boosted earnings. Growth was also supported by ageing populations and companies shifting pension liabilities to insurers.
Standard Life reported £1.2bn in individual annuity premiums written during 2025, up from £1bn the previous year, with market share increasing to 15%.
The company also completed £3.9bn of pension risk transfer transactions during the year, including its largest ever deal valued at £1.9bn.
Standard Life said it remains on track to meet its 2026 financial targets and expects to deliver £500m of excess cash in 2026.
The insurer also issued its second Net Zero Transition Plan today. Having achieved its 2025 targets, Standard Life said “it is making strong progress towards our 2030 targets to reduce the emissions intensity of our investment portfolio and supplier base by 50%”.
It is also targeting a 90% reduction in its operational Scope 1 and 2 absolute emissions.
