Savings and retirement giant Standard Life plc said it delivered £1 billion of free cash flow in 2025, comfortably covering its dividend of £548 million and providing £423 million of excess cash.
Total dividend rose 2.6% to 55.4p per share.
Standard Life, formerly called Phoenix Group, said its assets under administration rose 8% to £317 billion.
Phoenix acquired the Standard Life brand in 2021 from Aberdeen, which retains a roughly 10% stake in Standard Life plc.
Standard Life said net inflows in its Workplace business of £5.3 billion comprised £10 billion gross inflows.
It said retail net outflows improved to £7.8 billion from £8.6 billion “reflecting retail strategy green shoots.”
The group reported 19% IFRS adjusted operating profit growth to £563 million.
In its outlook, Standard Life said: “Firmly on track to deliver all 2026 financial targets which support our progressive and sustainable dividend policy and creates financial flexibility … We expect to deliver c.£500m of excess cash in 2026.”
Standard Life plc CEO Andy Briggs said: “Our results demonstrate strong progress delivering on our strategic priorities. Further profitable growth and a strengthened Solvency balance sheet have supported increased shareholder returns and greater financial flexibility for the future, underpinned by the significant and growing levels of excess cash our business generates.
“We are firmly on track to deliver our 2026 financial targets, building momentum by continuing to sharpen our competitive position in one of the world’s most attractive savings and retirement markets.
“Operating as Standard Life plc brings our most trusted brand to the forefront, demonstrating our commitment to helping our customers achieve better outcomes and greater financial security in later life. We look to the future with confidence.”