Standard Life's operating profit surges 25% despite £179m statutory loss

Standard Life reported stronger-than-expected first-half 2026 results, with IFRS adjusted operating profit rising 25% to £563 million and assets under administration increasing to £333 billion. Growth was driven by its capital-light fee-based business, pension and savings operations, and continued demand for pension risk transfer and annuity products. The company posted a £179 million statutory loss, largely reflecting £123 million of planned investment spending and £56 million in one-off items. Operating cash generation increased 6%, while improved cash generation and debt reduction strengthened its financial flexibility, despite the Solvency II capital coverage ratio declining to 169%. Standard Life reaffirmed its 2026 targets, including adjusted operating profit of about £1.1 billion, and said its planned £2 billion acquisition of Aegon UK and new UK pension risk transfer partnership should expand its retirement-services capabilities.