olivLaw · European equity research
Standard Life plc SDLF.L
United Kingdom · London Stock Exchange · ISIN GB00BGXQNP29 · Vertical: Listed companies from United Kingdom
Standard Life plc is a British retirement and savings provider active in defined contribution workplace pensions, retail savings and annuities. The company aims to consolidate its top-3 position in workplace pensions in a market that it expects to grow from 3.6 trillion GBP to 6.1 trillion GBP by 2034.
At the close of 05 Nov 2026, Standard Life plc (SDLF.L) stock was 9.45 GBP (−0.05% on the day), with market capitalisation 8.9 bn GBP, dividend yield 6.17%, beta 0.66, 52-week range 6.54–9.53 GBP.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 65.8
- strong (55–70)
- Bollinger (20, 2)
- 8.59 – 9.61
- in the upper half of the band · %B 0.84 · band width 11.2%
- SMA 50 / 200
- 9.11 / 8.20
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 0.11 / 0.07
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | +7.4% | −0.6% | +8.0 pp | — |
| 3 months | +1.1% | −4.2% | +5.3 pp | — |
| 6 months | +23.1% | +4.3% | +18.8 pp | — |
| Year to date | +28.2% | +7.5% | +20.6 pp | — |
| 1 year | +39.0% | +9.9% | +29.1 pp | +6.7% |
| 3 years | +100.9% | +49.8% | +51.1 pp | +24.8% |
| 5 years | +42.6% | +42.8% | −0.2 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | unavailable | unavailable | unavailable |
| Revenue YoY | unavailable | unavailable | unavailable |
| Net income | 56.0 m | -1.1 bn | -443.0 m |
| Net income YoY | unavailable | −2,046.4% | unavailable |
| Diluted EPS | 0.03 | -1.12 | -0.47 |
| Diluted EPS YoY | unavailable | −3,487.9% | unavailable |
| net % | unavailable | unavailable | unavailable |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 7.3 bn GBP
- Financial debt
- unavailable GBP
- Net debt
- unavailable GBP
- Equity
- 1.3 bn GBP
- Total assets
- 332.2 bn GBP
- Debt / equity
- unavailable
- Current ratio
- unavailable
- ROE
- -25.0%
- ROA
- -0.1%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (GBP)
Income statement · GBP
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating income | 520.0 m | -817.0 m | 286.0 m | esef· 24 Mar 2026verified |
| Interest expense | 258.0 m | 290.0 m | 266.0 m | esef· 24 Mar 2026verified |
| Pre-tax income | 262.0 m | -1.1 bn | 20.0 m | esef· 24 Mar 2026verified |
| Income tax | 178.0 m | -29.0 m | 414.0 m | esef· 24 Mar 2026verified |
| Net income | 56.0 m | -1.1 bn | -443.0 m | esef· 24 Mar 2026verified |
| Diluted EPS | 0.03 | -1.12 | -0.47 | esef· 24 Mar 2026verified |
| Dividend per share | 0.31 | 0.55 | 0.58 | esef· 24 Mar 2026derived |
Balance sheet · GBP
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 7.2 bn | 9.5 bn | 7.3 bn | esef· 24 Mar 2026verified |
| Property, plant & equipment, net | 106.0 m | 91.0 m | — | esef· 17 Apr 2025verified |
| Goodwill | 10.0 m | 10.0 m | — | esef· 17 Apr 2025verified |
| Total assets | 299.4 bn | 307.9 bn | 332.2 bn | esef· 24 Mar 2026verified |
| Total liabilities | 295.6 bn | 305.6 bn | 330.9 bn | esef· 24 Mar 2026verified |
| Equity | 3.8 bn | 2.2 bn | 1.3 bn | esef· 24 Mar 2026verified |
| Shares outstanding at year end | 1.7 bn | 975.0 m | 940.6 m | esef· 24 Mar 2026derived |
Cash flow · GBP
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | -863.0 m | 3.4 bn | -993.0 m | esef· 24 Mar 2026verified |
| Investing cash flow | -20.0 m | -29.0 m | -10.0 m | esef· 24 Mar 2026verified |
| Financing cash flow | -769.0 m | -1.1 bn | -1.2 bn | esef· 24 Mar 2026verified |
| Dividends paid | 520.0 m | 533.0 m | 548.0 m | esef· 24 Mar 2026verified |
| Share repurchases | — | 0 | 9.0 m | esef· 24 Mar 2026verified |
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 2 of at least 6
- score weight coverage: 12.5% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 8.9 bn GBP
Key indicators
Coverage and freshness
Score by group
13% · Insufficient data
Estimated value range
unavailable — no valuation assumptions for the reporting currency
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
Assumptions (illustrative, editorial)
- Risk-free rate
- 6.5%
- Equity risk premium
- 6.0%
- Beta (default)
- 1.00
- Cost of equity
- 12.5%
- Terminal growth
- 3.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 2 of at least 6; score weight coverage: 12.5% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | unavailable | unavailable | — |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 1.1x | 0 (on a fixed band) | 50% |
| Current ratio · Balance sheet | unavailable | unavailable | — |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | 6.3% | 90 (on a fixed band) | 50% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial0/100 · 1/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partialunavailable · 0/3 factors with a value
- Returns· partial90/100 · 1/2 factors with a value
- Valuation· partialunavailable · 0/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
STANDARD LIFE PLC (SDLF.L). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: ROE -60.8%.
The estimated value range is 5.72–7.06 GBP per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 6.32 GBP, the price of 9.45 GBP leaves a potential of -33.1% (value / price − 1) and a margin of safety of -49.5% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (indicators available: 2 of at least 6; score weight coverage: 12.5% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Shareholder yield (distributions): 6.3%
What contradicts it
- Interest coverage: 1.1x
- The price is above the estimated value range
Not assessed (insufficient data or a ratio without meaning): ROIC, Net margin, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, Current ratio, P/E (TTM), EV/EBITDA, FCF yield, Payout ratio (FCF).
Versus the vertical median
Listed companies from United Kingdom · same country · compared with 40 companies
Multiples and returns vs the median
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| BATS.LBritish American Tobacco P.L.C. | 104.3 bn | 13.5 | 16.5% | 30.3% | −1.0% | +7% / +88% |
| ABF.LAssociated British Foods PLC | 14.7 bn | 14.3 | 9.2% | 5.3% | −3.1% | −5% / −15% |
| 0EV1.LCarnival PLC | 5.5 bn | 4.1 | 46.7% | 13.4% | +6.4% | unavailable / unavailable |
| BAB.LBabcock International Group PLC | 5.1 bn | 24.7 | 34.7% | 4.1% | +7.2% | −10% / +158% |
| AUTO.LAutotrader Group PLC | 4.8 bn | 16.4 | 60.2% | 47.1% | +3.9% | −13% / −23% |
| BBY.LBalfour Beatty PLC | 4.2 bn | 16.3 | 23.2% | 2.8% | +15.2% | +20% / +160% |
| ABDN.LAberdeen Group PLC | 4.1 bn | 10.8 | 8.0% | 28.9% | −2.1% | +11% / +41% |
| BKG.LThe Berkeley Group Holdings PLC | 3.6 bn | 11.3 | 8.8% | 13.4% | −4.2% | −0% / −22% |
| BME.LB&M European Value Retail PLC | 2.9 bn | 17.4 | 21.2% | 2.8% | +3.7% | +68% / −51% |
| AJB.LAj Bell PLC | 2.4 bn | 22.8 | 49.9% | 33.1% | +18.0% | +8% / +128% |
| ASHM.LAshmore Group PLC | 1.4 bn | 13.9 | 13.1% | 71.6% | −0.1% | +28% / +18% |
| BCG.LBaltic Classifieds Group PLC | 1.2 bn | 23.2 | 15.8% | 57.6% | +6.9% | −99% / −99% |
| APN.LApplied Nutrition PLC | 763.6 m | 36.2 | 41.2% | 19.7% | +24.2% | +71% / unavailable |
| BAG.LA.G. Barr P.L.C. | 671.9 m | 14.4 | 14.4% | 10.8% | +4.0% | −7% / +26% |
| ASC.LAsos PLC | 494.5 m | — | -81.3% | -12.0% | −14.7% | +71% / +8% |
| ALFA.LAlfa Financial Software Holdings PLC | 486.8 m | 16.3 | 61.5% | 23.8% | +15.3% | −28% / +10% |
| AML.LAston Martin Lagonda Global Holdings PLC | 344.3 m | — | -93.4% | -39.2% | −20.6% | −45% / −85% |
| APTD.LAptitude Software Group PLC | 111.3 m | 28.5 | 7.2% | 6.2% | −7.3% | −30% / −23% |
| BMS.LBraemar PLC | 78.3 m | 39.2 | 2.7% | 1.7% | −4.4% | +13% / −11% |
| AMGO.LAmigo Holdings PLC | 9.9 m | — | — | — | −81.9% | +325% / +844% |
| ASBE.LAssociated British Engineering PLC | 605.3 k | — | -19.1% | — | unavailable | unavailable / unavailable |
| AMIF.LAmicorp Fs (uk) PLC | 221.6 k | 0.1 | 27.5% | 9.1% | +8.1% | unavailable / unavailable |
| AAF.LAirtel Africa PLC | — | — | 24.1% | 10.6% | +29.5% | −7% / +164% |
| AAL.LAnglo American PLC | — | — | -19.3% | -20.2% | +4.5% | +30% / +76% |
| ACG.LAcg Metals Limited | — | — | -80.3% | -32.0% | +134.8% | +60% / +63% |
1- and 3-year price returns: for SDLF.L from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Scenarios are not available. input data missing
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Standard Life plc is a British retirement and savings provider active in defined contribution workplace pensions, retail savings and annuities. The company aims to consolidate its top-3 position in workplace pensions in a market that it expects to grow from 3.6 trillion GBP to 6.1 trillion GBP by 2034 1.
SWOT
Strengths
- Leading position in administering legacy pension books and a strong employer offer supported by an award-winning Master Trust 1.
- Strong digital infrastructure and member services that support retention and attract new customers 1.
- Diversified business model with capital-light and capital-utilising divisions that balance cash generation 1.
Weaknesses
Opportunities
Risks
- Market risk on assetsmedium
The value of assets under administration depends on financial markets, which could reduce fee income.
- Regulatory riskmedium
Changes to Solvency regulation or pension rules could affect the business model.
- Cost programme execution riskmedium
Meeting cost reduction and migration targets depends on technology and internal timing.
- Balance sheet leverage riskhigh
High leverage could limit the ability to invest in new products or pay dividends.
- Longevity and demographic riskmedium
Changes in life expectancy could affect annuity costs and pension obligations.
Investment thesis
What would need to be true (bull case)
- The UK retirement market is large and growing, and the company holds solid positions in workplace pensions and risk transfer, which could support profit growth.
- The 2026 strategic plan sets clear targets for cost reduction and leverage, which if achieved could strengthen the balance sheet.
- Growth in operating cash generation in Pensions and Savings and digital offerings could support sustained growth in assets.
What would break the thesis
- Leverage and the deleveraging target remain to be delivered, and a shortfall could limit financial flexibility.
- Competition in risk transfer and annuities could compress margins, especially if interest rates fall.
- If pension contributions decline due to cost-of-living pressure, asset growth could slow below expectations.
What to watch
- Progress on reducing Solvency II leverage towards the 30% target2026
- Delivery of 250 million GBP of annual run-rate cost savings2026
- Trend in Workplace net fund flows and Master Trust AUAnext 10-K
- Market share in pension risk transfer and annuity volumes2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Standard Life offers customers savings and retirement products through employers, directly, and via financial advisers. The business is organised into two main divisions: Pensions and Savings, a capital-light fee-based model, and Retirement Solutions, a capital-utilising spread-based model including pension risk transfer and individual annuities 1. The group also administers legacy pension books where it holds a market-leading position 1.
The group changed its name from PhoenixGroup Holdings plc to Standard Life plc and is in the third year of its 2024-26 strategic plan. Priorities include product expansion, balance sheet deleveraging and cost reduction, with explicit 2026 targets 1.
Revenue structure is dominated by assets under administration, and operating cash generation is the main performance measure tracked by management alongside IFRS adjusted operating profit 1.
Segments
Pensions and Savings
The capital-light fee-based division, with assets under administration of 212 billion GBP and operating cash generation of 396 million GBP in 2025, covering workplace pensions and retail products 1.
Retirement Solutions
The spread-based division, with assets of 42 billion GBP and operating cash generation of 879 million GBP in 2025, including pension risk transfer and individual annuities, where the company ranks in the top 5 1.
Market context
The company estimates the retirement market at 3.6 trillion GBP, expected to rise to 6.1 trillion GBP by 2034 1. Annual flows are estimated at about 80 billion GBP in workplace pensions and about 150 billion GBP in retail 1.
The pension risk transfer and individual annuity markets are smaller in annual flows but show high demand, supported by the shift from defined benefit to defined contribution schemes and by higher interest rates 1.
Trends
- Shift from defined benefit to defined contributiontailwind
Movement towards defined contribution schemes and auto-enrolment expands the workplace pension market, which could support Workplace growth 1.
- Higher interest ratesmixed
Higher rates make pension risk transfers more affordable for trustees and raise annuity income, but can also affect the value of assets under administration 1.
- Pension consolidation and digital pensionstailwind
Inheritance tax changes, consolidation and the pensions dashboard could prompt customers to move savings to providers offering better value 1.
- Cost-of-living pressureheadwind
Cost-of-living pressure could limit contributions, although most customers have continued contributing to workplace schemes 1.
Competitive position
Standard Life competes with other workplace pension and annuity providers, and its top-3 position in workplace pensions and top-5 position in risk transfer depend on new scheme wins and customer retention 1.
In retail, competition comes from direct providers and financial advisers alike, and the company aims to expand through new products and digital services 1.
- Aviva plc
British pensions and insurance provider, present in workplace pensions and annuities.
- L&G Group
British pensions group active in pension risk transfer and asset management.
- Legal & General Group plc
Major competitor in the UK annuity and pension risk transfer market.
- Scottish Widows
British pensions and savings provider present in workplace pensions.
News & filings
In the press
- Japan's MS&AD to invest $270m in pension tie-up with UK's Standard LifeNikkei Asia · 20 Aug 2026 · EN
- CVC-Led Group to Back Standard Life’s UK Pension Risk TransfersBloomberg Markets · 20 Aug 2026 · EN
Annual reports (ESEF)
- Annual report 202524 Mar 2026
- Annual report 202524 Mar 2026
- Annual report 202417 Apr 2025
- Annual report 202417 Apr 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / Standard Life plc · 31 Dec 2025
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.