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Full year results 2020 and strategy update 9 March 2021 Positioning for growth Standard Life Aberdeen The Standard Life Aberdeen plc Annual report and accounts 2020 ( Annual report 2020 ) has been published today and is available at www.standardlifeaberdeen.com/annualreport This summary contains information that has been extracted from the Annual report 2020 . Full year results 2020 • • Fee based revenue of £ 1,425m ( 2019 : £ 1,634m ) , lower than prior year largely reflecting impact of 2019 outflows Adjusted operating expenses reduced by 10 % to £ 1,206m ( 2019 : £ 1,333m ) due to cost control initiatives and efficiencies including c £ 20m of COVID - related savings in discretionary costs Adjusted operating profit of £ 219m ( 2019 : £ 301m ) and adjusted profit before tax of £ 487m ( 2019 : £ 584m ) largely reflecting lower revenue IFRS profit before tax of £ 838m ( 2019 : £ 243m ) reflecting profit on disposal of interests in associates partially offset by impairments of goodwill and intangibles Diluted EPS of 37.9p and adjusted diluted EPS of 18.1p , compared with 8.8p and 19.3p , respectively , in 2019 • Improved investment performance with 66 % ( 2019 : 60 % ) of AUM above benchmark over three years • • • Net outflows reduced to £ 3.1bn ( 2019 : £ 17.4bn ) excluding LBG tranche withdrawals , driven by a significant improvement in Institutional and Wholesale net flows AUMA of £ 534.6bn ( 2019 : £ 544.6bn ) reflecting £ 25.9bn LBG tranche withdrawals , partially offset by improvements in markets Cost / income ratio of 85 % ( 2019 : 82 % ) , driven by revenue decline Strong surplus capital position of £ 2.3bn ( 2019 : £ 1.7bn ) benefiting from Indian stake sales The Board remains committed to delivering a dividend that is sustainable over the medium term . Reflecting current operating profitability , industry trends , and economic and market uncertainties , the Board is rebasing the dividend to a level from which it can be grown Therefore the Board is recommending a final dividend in respect of 2020 of 7.3p per share , bringing the total dividend for the year to 14.6p per share . The Board intends to maintain the total dividend at this level until covered at least 1.5 times by adjusted capital generation , at which point the Board will seek to grow the dividend in line with its assessment of underlying medium term growth in profitability Our new strategic pathway towards growth over the medium term • Our strategy is to deliver client led growth through three growth vectors : Investments , Adviser , and Personal We have a clear growth strategy for each vector that will contribute to revenue and earnings growth We have identified clear strategic priorities : Growth in Asia , UK adviser and consumer markets , Solutions and Responsible investing • We have already taken action to simplify and strengthen the business in line with our new strategy : 1