British insurer 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, which specialises in buying and managing books of life insurance businesses closed to new customers, said 2025 adjusted operating profit before tax was £945m, while total cash stood at £1.71 billion.
Analysts were expecting a profit of £937m and total cash of £1.66 billion, according to a company-compiled consensus.
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 said it remains on track to meet its 2026 financial targets and expects to deliver £500m of excess cash in 2026.
