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10 47 115 255 187 0 33 64 206 255 244 60 2 190 152 154 229 214 147 66 219 242 227 252 255 97 102 255 255 185 10 47 115 255 187 0 33 64 206 255 244 60 2 190 152 154 229 214 147 66 219 242 227 252 255 97 102 255 255 185 Half year 2026 results Standard Life plc 7 September 2026
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10 47 115 255 187 0 33 64 206 255 244 60 2 190 152 154 229 214 147 66 219 242 227 252 255 97 102 255 255 185 10 47 115 255 187 0 33 64 206 255 244 60 2 190 152 154 229 214 147 66 219 242 227 252 255 97 102 255 255 185 Standard Life | Half year 2026 results 2 Agenda 1 Building momentum across our strategic priorities Andy Briggs, Group Chief Executive Officer 2 Achieving our 2026 targets Nicolaos Nicandrou, Group Chief Financial Officer 3 Progressing to the next phase of growth Andy Briggs, Group Chief Executive Officer
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10 47 115 255 187 0 33 64 206 255 244 60 2 190 152 154 229 214 147 66 219 242 227 252 255 97 102 255 255 185 10 47 115 255 187 0 33 64 206 255 244 60 2 190 152 154 229 214 147 66 219 242 227 252 255 97 102 255 255 185 Building momentum across our strategic priorities Andy Briggs Group Chief Executive Officer
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10 47 115 255 187 0 33 64 206 255 244 60 2 190 152 154 229 214 147 66 219 242 227 252 255 97 102 255 255 185 Accelerating our vision to be the UK’s leading retirement savings and income business Achieving our end-2026 targets Strengthens capabilities and customer offering with access to broader customer base Increases the opportunity to better support our customers Building momentum through execution of strategic priorities Uniquely positioned in attractive markets Poised for further growth with Aegon UK acquisition and UK PRT partnership Standard Life | Half year 2026 results 4 Executing on our vision gives us greater financial flexibility to invest in growth and deliver strong shareholder returns
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10 47 115 255 187 0 33 64 206 255 244 60 2 190 152 154 229 214 147 66 219 242 227 252 255 97 102 255 255 185 Achieving our 2026 targets Strengthening balance sheet 169% Solvency Capital Coverage Ratio (1,2): consistently in upper half of target range Growing Operating Cash Generation Improving profitability Cash £1.4bn dividends paid to shareholders over 2024-HY26 Earnings Capital OCG, £m Solvency II leverage ratio(3) IFRS adjusted operating profit, £m Standard Life | Half year 2026 results 5See Appendix for footnotes 629 825 451 563 494 FY23 FY24 FY25 FY26 target 945 c.1.1bn 1,146 1,403 705 745 769 FY23 FY24 FY25 FY26 target 1,474 Mid-single digit % growth p.a. FY23 FY24 FY25 HY26 FY26 target 36% 36% 33% 29% c.30%
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10 47 115 255 187 0 33 64 206 255 244 60 2 190 152 154 229 214 147 66 219 242 227 252 255 97 102 255 255 185 Strategic priorities HY26 delivery 6 Building momentum across our strategic priorities Standard Life | Half year 2026 results Meeting more of our existing customers’ needs and acquiring new customers Grow Announced £2bn(4) acquisition of Aegon UK Up to £2bn initial capital commitment secured into new UK PRT partnership with long-term partners† Products and distribution Launch of Future Opportunities; relaunched our Onshore bond; Smoothed Managed fund launched on Quilter platform Optimising our scale in-force business and balance sheet Optimise Deleveraging c.30% SII leverage ratio target achieved with £0.5bn debt repaid Asset management £12bn annuity-backing assets managed in-house†† † Transforming our operating model and culture Enhance Cost savings Delivered £210m of £250m run-rate cost savings target † Standard Life expects to contribute £500m of the up to £2bn initial capital commitment and accordingly have a 25% economic interest in the partnership. Standard Life will have operational control. †† As of 1 September See Appendix for footnotes
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10 47 115 255 187 0 33 64 206 255 244 60 2 190 152 154 229 214 147 66 219 242 227 252 255 97 102 255 255 185 Uniquely positioned in attractive markets Lifetime savings and retirement income journey Standard Life | Half year 2026 results 7 Retirement Solutions: £41bn AUAPensions and Savings: £226bn AUA Strategy Disciplined capital deployment and full suite of de-risking solutions Deep customer engagement driving retention supported by new scheme wins Engage customers with innovative products to join, stay, and consolidate Top 3 player(5)Current market position Top 10 Top 5 Direct Intermediated Individual annuities Pension Risk Transfer £80bn(5)Annual market flows £150bn(6) £8-9bn(7) £35-55bn(8) Our customer solutions AnnuitiesRetail Workplace pensions Top 2(9) Pro forma market position † Top 2(9) Top 3(10) See Appendix for footnotes
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10 47 115 255 187 0 33 64 206 255 244 60 2 190 152 154 229 214 147 66 219 242 227 252 255 97 102 255 255 185 Leading employer proposition and innovative products Excellent member experience Competitive pricing Annuities £41bn AUA Customer engagement Products and solutions Leverage digital infrastructure Retail £149bn AUA Leading employer proposition Excellent customer service Cost efficient administration Workplace £77bn AUA Why we are winning 1 2 3 Key operational outcomes Capital-light fee-based Pensions and Savings Capital-utilising spread-based Retirement Solutions In progress +64NPS (+4 since FY25)(11) 99.8% Client retention £6.2bn New Workplace scheme wins +61NPS (+6 since FY25)(12) 95% Rated our Financial Advice as ‘good’ or ‘excellent’ value +£1.1bn Strong International Bond and SIPP flows 14% Growth in individual annuity new product sales >20% Lifetime IRRs £7bn PRT pipeline we are quoting on Standard Life | Half year 2026 resultsSee Appendix for footnotes 8
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10 47 115 255 187 0 33 64 206 255 244 60 2 190 152 154 229 214 147 66 219 242 227 252 255 97 102 255 255 185 Achieving our 2026 targets Nicolaos Nicandrou Group Chief Financial Officer
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10 47 115 255 187 0 33 64 206 255 244 60 2 190 152 154 229 214 147 66 219 242 227 252 255 97 102 255 255 185 SCCR operating range of 140-180% Achieving our financial targets over 2026 Yearly OCG growth of mid-single digit % IFRS adjusted operating profit of c.£1.1bn Cumulative TCG of £5.1bn Solvency II leverage ratio of c.30% Annual run-rate cost savings of £250m £745m Operating Cash Generation +6% YoY (HY25: £705m) £900m Total cash generation (HY25: £784m) 169% Shareholder Capital Coverage Ratio(1,2) (FY25: 176%) 29.0% Solvency II leverage ratio(3) (FY25: 33.0%) £563m IFRS adjusted operating profit +25% YoY (HY25: £451m) £210m Annualised run-rate cost savings (FY25: £180m) Cash Capital EarningsCash Capital Earnings HY26 results Our 2024 -2026 targets Standard Life | Half year 2026 results 10See Appendix for footnotes On track On track On track On track Achieved in HY26 In upper half IFRS loss after tax £(179)m (HY25: £(156)m) | IFRS adjusted shareholders’ equity £2.7bn (FY25: £3.1bn) Interim dividend per share growth of 2.6% to 28.05p(13)
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10 47 115 255 187 0 33 64 206 255 244 60 2 190 152 154 229 214 147 66 219 242 227 252 255 97 102 255 255 185 Flows and AUA Pensions and Savings growth in AUA and improving margins driving strong earnings development Capital EarningsCash x = 172.8 191.5 204.6 217.0 FY23 FY24 FY25 HY26 +11% +7% 11bps 17bps 19bps 22bps FY23 FY24 FY25 HY26 +11bps 76 149 179 244114 167 210 FY23 FY24 FY25 HY26 2H 1H +66% +23% 8.5 9.3 10.0 4.9 (3.8) FY23 (4.0) FY24 (4.7) FY25 (2.6) HY26 4.7 5.3 5.3 2.3 4.5 6.1 7.1 3.6 (12.4) FY23 (14.7) FY24 (14.9) FY25 (7.3) HY26 (7.9) (8.6) (7.8) (3.7) Gross inflows Gross outflows Growth in average AUA† and… …improving operating margin†† from cost savings and leverage is… …driving strong growth in IFRS AOP††† 57.5 66.5 70.6 77.1 125.7 129.9 141.1 149.2 FY23 FY24 FY25 HY26 Workplace Retail AUA x margin = profit Workplace flows† Retail flows† Pensions & Savings AUA† Standard Life | Half year 2026 results 11 † International Bonds AUA and flows reallocated to Retail from Europe for FY23, FY24, FY25 and HY26, and a held for transfer CTIP reclassified to Other from Workplace at end of FY25 †† HY26 operating margin is shown on an annualised basis ††† IFRS AOP = IFRS Adjusted Operating Profit +36%+10%HY25 198.0 £bn £bn £bn £bn £m
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10 47 115 255 187 0 33 64 206 255 244 60 2 190 152 154 229 214 147 66 219 242 227 252 255 97 102 255 255 185 New businessAUA x margin = OCG Retirement Solutions delivering strong contributions to OCG and continued discipline in competitive PRT market Capital EarningsCash x = 38.0 39.0 40.2 42.0 FY23 FY24 FY25 HY26 +3% +3% 170bps 218bps 219bps 222bps FY23 FY24 FY25 HY26 466 FY23 2H 418 1H 432 FY24 2H 436 1H 443 FY25 HY26 645†† 850 879 0.2 0.5 0.6 0.6 0.4 0.5 0.6 FY23 FY24 FY25 HY26 2H 1H 0.6 1.0 1.2 …attractive OCG margins†… …driving strong contributions to OCG 0.6 1.0 1.2 0.6 6.2 5.1 3.9 1.6 FY23 FY24 FY25 HY26 PRT Individual Annuities Individual Annuities PRT transactions New business £bn £bn £bn £bn £m Growth in average AUA and… 3.2 1.5 1.6 3.0 3.6 3.6 FY23 FY24 0.3 FY25 HY26 2H 1H 6.2 5.1 3.9 £288m £206m £44mCash deployed: Standard Life | Half year 2026 results 12 £162m +6%HY25 39.5 +5% † HY26 OCG margin is shown on an annualised basis †† Indicative figures provided for segmental breakdown of OCG in 2023
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10 47 115 255 187 0 33 64 206 255 244 60 2 190 152 154 229 214 147 66 219 242 227 252 255 97 102 255 255 185 Growing OCG in-line with mid-single digit growth guidance Cash Delivering sustainable growth in surplus emergence and recurring management actions in line with guidance £m HY24 HY25 HY26 YoY Pensions and Savings 120 165 203 +23% Retirement Solutions 432 443 466 +5% With-Profits 34 35 32 (9)% Europe and Other 61 62 44 (29)% Operating Cash Generation 647 705 745 +6% £m Standard Life | Half year 2026 results 13 375 383 411 427 178 264 294 318 FY23 FY24 FY25 HY26 2H 1H Recurring management actions 1H Surplus emergence 1,146 1,403 1,474 745
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10 47 115 255 187 0 33 64 206 255 244 60 2 190 152 154 229 214 147 66 219 242 227 252 255 97 102 255 255 185 Healthy levels of recurring net capital generation and strong surplus position supports deleveraging 0.6 Operating surplus generation† (0.4) Operating costs, debt interest and dividend (0.0) New business strain(14) (0.1) Non-recurring items Surplus pre- debt repayment HY26 SII surplus Debt repayment (0.5) 3.6 3.7 3.2 FY25 SII surplus £0.2bn recurring net capital generation +5% SCCR SCCR(1,2) 176% +16% (9)% (2)% (1)% 180% (11)% 169% Capital £bn Standard Life | Half year 2026 results 14 † Operating surplus generation is surplus emerging and release of capital requirements, and recurring management actions See Appendix for footnotes
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10 47 115 255 187 0 33 64 206 255 244 60 2 190 152 154 229 214 147 66 219 242 227 252 255 97 102 255 255 185 Leverage ratio target achieved in June 2026 FY24 SII leverage ratio (3)% £0.4bn debt repaid and Own Funds change FY25 SII leverage ratio (4)% £0.5bn debt repaid and Own Funds change HY26 SII leverage ratio 36% 33% 29% Capital Solvency II leverage ratio(3) Standard Life | Half year 2026 results 15 † Further debt issue subject to regulatory approvals See Appendix for footnotes • Post-HY26: • Issued £350m Fixed Rate Restricted Tier 1 notes in July 2026 • Proceeds expected to be used in full to fund a portion of the cash consideration for the proposed acquisition of Aegon UK • Additional debt expected to be issued† prior to completion of the Aegon UK acquisition to fund a portion of the cash consideration • On completion, the funding structure for the Aegon UK acquisition is consistent with our c.30% SII leverage ratio target
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10 47 115 255 187 0 33 64 206 255 244 60 2 190 152 154 229 214 147 66 219 242 227 252 255 97 102 255 255 185 FY26 125 FY25 62 FY24 63 Original delivery profile 2H26 40 1H26 30 FY25 117 FY24 63 Accelerated delivery profile 250 250 Cost savings target on track to achieve in 2026 Achieving our c.£250m run-rate cost savings† target by end-2026, net of inflation Earnings £m Standard Life | Half year 2026 results 16† Compared to FY23 £1.23bn cost base Expected end-2026 delivery of our cost savings† by source of saving Migrations Finance, actuarial and IT transformation Product and supplier rationalisation Business simplification Cost savings are structurally reducing our ongoing cost base, to deliver long -term benefits to the Group 210 achieved to date
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10 47 115 255 187 0 33 64 206 255 244 60 2 190 152 154 229 214 147 66 219 242 227 252 255 97 102 255 255 185 IFRS adjusted operating profit target on track to achieve 313 360 451 563 316 465 494 FY23 FY24 FY25 FY26e 2H 1H 629 825 945 c.£1.1bn target Earnings £m HY24 HY25 HY26 YoY Pensions and Savings 149 179 244 +36% Retirement Solutions 210 286 324 +13% Europe and Other 50 41 32 (22)% With-Profits 3 4 14 +250% Corporate Centre (52) (59) (51) +14% IFRS adjusted operating profit 360 451 563 +25% Strong business performances and cost savings delivery driving growth in IFRS adjusted operating profit £m Standard Life | Half year 2026 results 17
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10 47 115 255 187 0 33 64 206 255 244 60 2 190 152 154 229 214 147 66 219 242 227 252 255 97 102 255 255 185 Recurring sources now more than covering recurring uses, while economic variances a known consequence of hedging Earnings 244 2,702 563 FY25 IFRS shareholders’ equity IFRS adjusted operating profit (282) Dividend (90) Debt interest (103) Amortisation of intangibles (179) Non-operating expenses 102 Tax and other items recognised in equity (473) Economic variances HY26 IFRS shareholders’ equity 2,920 CSM (net of tax) HY26 IFRS adjusted shareholders’ equity (218) HY26 sum of recurring sources and uses: £88m Primarily from equity hedging result following an 11% blended† increase in equity markets. Related benefits to emerge over time. Standard Life | Half year 2026 results 18 Following the Aegon UK acquisition, IFRS shareholders' equity is expected to increase and be positive in 2027 £m † † Average equity markets exposure over 1H26 comprises: 35% FTSE 100; 18% EURO STOXX 50; 28% S&P; 13% MSCI EM; and 6% other indices
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10 47 115 255 187 0 33 64 206 255 244 60 2 190 152 154 229 214 147 66 219 242 227 252 255 97 102 255 255 185 Stores of value growing and correspond to c.£10bn of discounted future pre-tax earnings FY23 FY24 FY25 HY26 2.9 3.3 3.8 3.9 +14% +17% FY23 FY24 FY25 HY26 4.0 4.6 5.9 6.5 +15% +29% Earnings Growth supported by new business, cost savings and markets. In HY26, equity market movements increased insurance contracts IFRS CSM and investment contracts SII VIF by £0.5bn combined Insurance contracts IFRS CSM (gross of tax), £bn Investment contracts SII VIF (gross of tax), £bn Standard Life | Half year 2026 results 19
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10 47 115 255 187 0 33 64 206 255 244 60 2 190 152 154 229 214 147 66 219 242 227 252 255 97 102 255 255 185 Increasing annual excess cash to be deployed to highest returning opportunities Cash 520 296 423 229 630 533 548 282 574 503 234 (4) FY23 FY24 FY25 c.£0.5bn FY26e HY26 Recurring uses† Dividends Excess cash 1,146 1,403 1,474 745 Excess cash to grow over time as OCG grows faster than our recurring uses Progressive and sustainable dividend policy, complemented by allocating excess cash to highest return opportunities£m Standard Life | Half year 2026 results 20 † Recurring uses comprise central costs, debt interest and capital deployed in writing new annuity business †† Subject to regulatory approvals Deleveraging to c.30% SII target Investment into growth M&A Share buybacks SII leverage ratio target of c.30% achieved on 30 June 2026 Accretive Aegon UK acquisition on track for completion around end-2026†† Expanding UK PRT business with new partnership expected to launch in 1H27††
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10 47 115 255 187 0 33 64 206 255 244 60 2 190 152 154 229 214 147 66 219 242 227 252 255 97 102 255 255 185 Progressing to the next phase of growth Andy Briggs Group Chief Executive Officer
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10 47 115 255 187 0 33 64 206 255 244 60 2 190 152 154 229 214 147 66 219 242 227 252 255 97 102 255 255 185 Accelerating our vision to be the UK’s leading retirement savings and income business Standard Life | Half year 2026 results 22 £2bn Aegon UK acquisition Pensions and Savings Retirement Solutions Innovative retirement income solutions Optimised asset management and fund performance Efficient Group-wide operating model Digital customer interface with personalised data, guidance and advice Up to £2bn combined initial capital commitment in UK PRT partnership
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10 47 115 255 187 0 33 64 206 255 244 60 2 190 152 154 229 214 147 66 219 242 227 252 255 97 102 255 255 185 † 2025 position †† Pro forma 2025 including synergies (53% before cost synergies) ††† Price(4) to £2.4bn FY25 Unrestricted Tier 1 capital †††† Subject to regulatory approvals See Appendix for footnotes On track for completion around end-2026†††† £2bn Aegon UK acquisition is strategically and financially compelling Scale leader in fast growing markets Strengthens capabilities Accelerates shift to capital-light Attractive financial outcomes Efficient funding structure #2 in Workplace(9) #2 in Retail(9) 16m customers† >£370bn AUA Transforms adviser offering Increases digital, advice and distribution Capital-light operating profit contribution changes from 47% to 57%†† Unlocks £0.8bn of total net synergies Additional excess cash of £0.4bn over 5 years Attractive valuation of 0.83x P/UT1††† Consistent with c.30% SII leverage ratio target Standard Life | Half year 2026 results 23
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10 47 115 255 187 0 33 64 206 255 244 60 2 190 152 154 229 214 147 66 219 242 227 252 255 97 102 255 255 185 Significantly strengthens capabilities and customer offering Additional Aegon UK Capabilities Scale Workplace business ISAs and GIAs††† Corporate Advisory strength Adviser platform Financial Advice and Planning Managed Portfolio Solutions Standard Life’s award-winning foundations Strong DC†† Solutions International Bonds Tailored Investment BondsEBC† leadership Flexible Drawdown Smooth Managed FundAward-winning Master Trust Restricted Advice PropositionInvestment Only Platform Workplace Retail Waterfront capabilities Strengthened distribution Enhanced digital capabilities Enlarged Standard Life Standard Life | Half year 2026 results 24 † EBC = Employee Benefit Consultants †† DC = Defined Contribution ††† ISAs and GIAs = Individual Savings Accounts and General Investment Accounts
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10 47 115 255 187 0 33 64 206 255 244 60 2 190 152 154 229 214 147 66 219 242 227 252 255 97 102 255 255 185 Expands participation in UK PRT market Differentiated and unique propositions Combines Standard Life’s proposition, brand, member experience and operating expertise with capital and specialist investment capabilities of Partners Access to unique private markets origination Enables more compelling and innovative terms for trustees with partnership giving access to a broader range of assets Expected to launch in 1H 2027† Expanding UK PRT business with up to £2bn partnership Attractive financial outcomes Additional fee-based revenue stream Supports OCG and IFRS adjusted operating profit growth Ability to participate in >£2bn schemes £1.1tn PRT market size <£2bn schemes >£2bn schemes Standard Life | Half year 2026 results 25† Subject to regulatory approvals
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10 47 115 255 187 0 33 64 206 255 244 60 2 190 152 154 229 214 147 66 219 242 227 252 255 97 102 255 255 185 New Standard Life PRT Solutions†† Expanding UK PRT business with up to £2bn partnership † Operated through Phoenix Life Limited, a wholly owned subsidiary of Standard Life and PRA regulated entity †† The Partnership will be operated through Standard Life PRT Solutions Limited (“SL PRT Solutions”), currently known as Standard Life Assurance Limited (“SLAL”), a wholly owned subsidiary of Standard Life and PRA regulated entity. ††† Standard Life expects to fund its £500m capital commitment over five years from yearly excess cash generation. †††† Global private markets asset origination capabilities from CVC = CVC Capital Partners plc, PFI = Prudential Financial, Inc., and GS = The Goldman Sachs Group, Inc. Existing Standard Life business† Ownership: 100% Standard Life Capital commitment: up to £200m p.a. Standard Life provides insurance, asset management and operational services to both entities CVC, PFI and GS provide private markets asset origination to all PRT businesses at Standard Life †††† Target PRT market: <£2bn-sized schemes PRT volume capacity: c.£6bn p.a. Target PRT market: >£2bn-sized schemes PRT volume capacity: c.£5-7bn p.a. Ownership: c.25% Standard Life c.75% capital partners Capital commitment: c.£400m p.a. of which c.£100m p.a. Standard Life††† • CVC Capital Partners plc • The Goldman Sachs Group, Inc. • Prudential Financial, Inc. • MS&AD Insurance Group Holdings, Inc. Capital partners include: Standard Life | Half year 2026 results 26
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10 47 115 255 187 0 33 64 206 255 244 60 2 190 152 154 229 214 147 66 219 242 227 252 255 97 102 255 255 185 Aegon UK acquisition adds significant scale in Pensions and Savings UK PRT partnership supports move to a top 3(10) position in Retirement Solutions Establishing Standard Life as a leader in the fast-growing UK savings and retirement market Combination when UK PRT at long-term capacity volumes Enlarged scale with £0.5trn AUA supports greater commercial advantage and further operating leverage 5.1 Standard Life Gross inflows (FY25, £bn) 372 212 160 Combination Standard Life Aegon UK AuA (FY25, £bn) See Appendix for footnotes Other market participants, 2025 Standard Life | Half year 2026 results 27
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10 47 115 255 187 0 33 64 206 255 244 60 2 190 152 154 229 214 147 66 219 242 227 252 255 97 102 255 255 185 Accelerating our vision to be the UK’s leading retirement savings and income business Achieving our end-2026 targets Strengthens capabilities and customer offering with access to broader customer base Increases the opportunity to better support our customers Building momentum through execution of strategic priorities Uniquely positioned in attractive markets Poised for further growth with Aegon UK acquisition and UK PRT partnership Standard Life | Half year 2026 results 28 Executing on our vision gives us greater financial flexibility to invest in growth and deliver strong shareholder returns
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10 47 115 255 187 0 33 64 206 255 244 60 2 190 152 154 229 214 147 66 219 242 227 252 255 97 102 255 255 185 Q&A
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10 47 115 255 187 0 33 64 206 255 244 60 2 190 152 154 229 214 147 66 219 242 227 252 255 97 102 255 255 185 Appendix
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10 47 115 255 187 0 33 64 206 255 244 60 2 190 152 154 229 214 147 66 219 242 227 252 255 97 102 255 255 185 10 47 115 33 64 206 255 187 0 255 244 60 2 190 152 154 229 214 147 66 219 242 227 252 255 97 102 255 255 185 Appendices 1. Movement in assets under administration 2. Movement in assets under administration by segment (Pensions and Savings) 3. Movement in assets under administration by segment 4. Operating Cash Generation by segment 5. £318m recurring management actions 6. Group cash flow analysis 7. Total cash generation 2024 -2026 illustrative sources and uses 8. Progressive and sustainable dividend 9. Debt maturity profile and leverage ratios as at 30 June 2026 10. Change in Life Companies’ Free Surplus 11. Change in shareholder solvency capital and coverage ratio 12. With -Profits simplification programme 13. Additional Solvency II disclosures 14. Solvency II surplus hedging sensitivities and SCR 15. IFRS shareholders’ equity to Solvency II surplus bridge 16. Solvency II Shareholder Capital Coverage Ratio sensitivities 17. IFRS sensitivities 18. IFRS shareholders’ equity, to Solvency II Own Funds, to intrinsic value walk 19. HY26 IFRS adjusted operating profit drivers 20. Pensions and Savings IFRS adjusted operating profit analysis 21. Retirement Solutions IFRS adjusted operating profit analysis 22. Movement in Group Contractual Service Margin, including segmental split 23. Cost savings target on track to achieve in 2026 24. Shareholder credit portfolio 25. Diversification of illiquid asset portfolio as at 30 June 2026 26. ESG ratings and collaborations 27. Sustainability 2026 key steps 28. Proposed acquisition of Aegon UK - Transaction structure and key terms 29. Proposed acquisition of Aegon UK - Transaction unlocks c.£0.8bn worth of total net synergies 30. Proposed acquisition of Aegon UK - Attractive financial outcomes delivered across key metrics 31. Footnotes Standard Life | Half year 2026 results 31
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10 47 115 255 187 0 33 64 206 255 244 60 2 190 152 154 229 214 147 66 219 242 227 252 255 97 102 255 255 185 10 47 115 33 64 206 255 187 0 255 244 60 2 190 152 154 229 214 147 66 219 242 227 252 255 97 102 255 255 185 Appendix 1: Movement in assets under administration Movement in AUA from 1 January 2026 to 30 June 2026 316.6 332.9 12.3 19.1 Gross inflows Gross outflows Market movements and other (15.1) FY25 AUA HY26 AUA £(2.8)bn Group net fund flows 226.3 41.0 34.9 30.7 332.9 Pensions and Savings Retirement Solutions With-Profits Europe and Other Split by segment £bn £bn Standard Life | Half year 2026 results 32
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10 47 115 255 187 0 33 64 206 255 244 60 2 190 152 154 229 214 147 66 219 242 227 252 255 97 102 255 255 185 10 47 115 33 64 206 255 187 0 255 244 60 2 190 152 154 229 214 147 66 219 242 227 252 255 97 102 255 255 185 Appendix 2: Movement in assets under administration by segment (Pensions and Savings) Pensions and Savings – total AUA† Pensions and Savings – Workplace† Pensions and Savings – Retail† 5.9 70.6FY25 AUA 2.0Gross inflows - new 2.9Gross inflows - existing (2.6)Outflows Market movements (1.7)Reclassified 77.1HY26 AUA 10.1 141.1FY25 AUA 3.0Gross inflows - new 0.6Gross inflows - existing (7.3)††Outflows Market movements 1.7Reclassified 149.2HY26 AUA Net flows of £2.3bn Net flows of £(3.7)bn £bn £bn Standard Life | Half year 2026 results 33 c.11% c.89% IFRS 9 capital-light investment contracts IFRS 17 insurance contracts 226.3 £bn † International Bonds AUA and flows reallocated to Retail from Europe for FY23, FY24, FY25 and HY26, and a held for transfer CTIP reclassified to Other from Workplace at end of FY25 †† Estimated c.20-30% of outflows relate to customers using products at retirement, with external transfers to other pension providers making up c.40-50% (HY25: c.45%)
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10 47 115 255 187 0 33 64 206 255 244 60 2 190 152 154 229 214 147 66 219 242 227 252 255 97 102 255 255 185 10 47 115 33 64 206 255 187 0 255 244 60 2 190 152 154 229 214 147 66 219 242 227 252 255 97 102 255 255 185 Appendix 3: Movement in assets under administration by segment Retirement Solutions With-Profits Europe and Other 2.1 41.8FY25 AUA Gross inflows - new 0.1Gross inflows - existing (2.1)Outflows (0.9)Market movements 41.0HY26 AUA 1.6 35.1FY25 AUA 0.1Gross inflows - existing (1.9)Outflows Market movements 34.9HY26 AUA 2.4 28.0FY25 AUA 0.7Gross inflows - new 0.8Gross inflows - existing (1.2)Outflows Market movements 30.7HY26 AUA Net flows of £0.1bn Net flows of £(1.8)bn Net flows of £0.3bn £bn £bn £bn Standard Life | Half year 2026 results 34
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10 47 115 255 187 0 33 64 206 255 244 60 2 190 152 154 229 214 147 66 219 242 227 252 255 97 102 255 255 185 10 47 115 33 64 206 255 187 0 255 244 60 2 190 152 154 229 214 147 66 219 242 227 252 255 97 102 255 255 185 Appendix 4: Operating Cash Generation by segment Pensions and Savings 1H26 2025 2H25 1H25 2024 2H24 1H24 2023† Surplus emergence 164 300 191 109 267 166 101 223 Recurring management actions 39 96 40 56 83 64 19 72 Total Operating Cash Generation 203 396 231 165 350 230 120 295 £m Standard Life | Half year 2026 results 35† Indicative figures provided for segmental breakdown of OCG in 2023 Retirement Solutions 1H26 2025 2H25 1H25 2024 2H24 1H24 2023† Surplus emergence 200 435 226 209 412 225 187 404 Recurring management actions 266 444 210 234 438 193 245 241 Total Operating Cash Generation 466 879 436 443 850 418 432 645 With-Profits 1H26 2025 2H25 1H25 2024 2H24 1H24 2023† Surplus emergence 19 56 25 31 74 40 34 75 Recurring management actions 13 20 16 4 0 0 0 0 Total Operating Cash Generation 32 76 41 35 74 40 34 75 Europe and Other 1H26 2025 2H25 1H25 2024 2H24 1H24 2023† Surplus emergence 44 123 61 62 113 52 61 131 Recurring management actions - 0 0 0 16 16 0 0 Total Operating Cash Generation 44 123 61 62 129 68 61 131
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10 47 115 255 187 0 33 64 206 255 244 60 2 190 152 154 229 214 147 66 219 242 227 252 255 97 102 255 255 185 10 47 115 33 64 206 255 187 0 255 244 60 2 190 152 154 229 214 147 66 219 242 227 252 255 97 102 255 255 185 £91m HY25: £81m FY25: £104m Improve our capital and balance sheet modelling as investment universe evolves Enrich asset data and calculation granularity enabling greater accuracy of risk calibration Capital improvements Expect to continue delivering c.£500m per annum in line with guidance Appendix 5: £318m recurring management actions What we do How we do it HY26 delivery £195m HY25: £189m FY25: £363m Evolve our annuity-backing assets whilst staying cashflow and maturity matched Outperform new business pricing Optimise relative value within corporate and government bond portfolios Annuity portfolio re-optimisation £32m HY25: £24m FY25: £93m Increase efficiency of fund management expense as asset base grows Fee reviews of investment management agreements Reduce number of funds Fund simplification Standard Life | Half year 2026 results 36
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10 47 115 255 187 0 33 64 206 255 244 60 2 190 152 154 229 214 147 66 219 242 227 252 255 97 102 255 255 185 10 47 115 33 64 206 255 187 0 255 244 60 2 190 152 154 229 214 147 66 219 242 227 252 255 97 102 255 255 185 Appendix 6: Group cash flow analysis HY26 Cash and cash equivalents at 1 January 2026 846 Total cash generation† 900 Uses of cash: Operating expenses and pension scheme contributions†† (55) Non-operating net cash outflows (171) Debt interest (135) Support of annuities activity (44) Total free cash flow generation 1,341 Shareholder dividend (282) Net debt repayments (503) Closing cash and cash equivalents at 30 June 2026 556 • Strong Total cash generation of £900m in the period funds our uses of cash • Non-operating net cash outflows of £171m (HY25: £285m) include: • £(110)m of investment in strategic priorities • £(45)m of other items, including £(25)m expenditure relating to announced strategic transactions††† • £(16) million of cash collateral outflows on currency derivatives used to hedge non-sterling debt instruments • Strong Total free cash flow generation of £1,341m • Debt movements reflect the $350m Tier 2 notes and £250m Tier 3 notes redeemed in June 2026 £m Standard Life | Half year 2026 results 37 † Total cash generation includes £103m received by the holding companies in respect of tax losses surrendered †† HY26 operating expenses include £(3)m of pension scheme contributions ††† Including the proposed acquisition of Aegon UK and UK PRT partnership
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10 47 115 255 187 0 33 64 206 255 244 60 2 190 152 154 229 214 147 66 219 242 227 252 255 97 102 255 255 185 10 47 115 33 64 206 255 187 0 255 244 60 2 190 152 154 229 214 147 66 219 242 227 252 255 97 102 255 255 185 Appendix 7: Total cash generation 2024-2026 illustrative sources and uses Allocate surplus capital to the highest return opportunities Capital allocation approach: Deleveraging to c.30% SII target | Investment into growth | M&A | Share buybacks 0.7 0.7 2.3 0.4 c.0.7 TCG4.4 TCG c.0.8 OCG3.6 OCG c. 0.4 1.2 debt repaid† 2024-2026 sources 2024-2026 uses c.£1.2bn excess cash generation Dividend, operating costs and debt interest Annuities capital Non-operating c.0.7 Recurring Excess cash generation Investment in strategic priorities £bn Standard Life | Half year 2026 results 38† c.£0.3bn of debt repayment funded by holding companies opening cash with 2H26 expected OCG net of recuring uses to cover this difference
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10 47 115 255 187 0 33 64 206 255 244 60 2 190 152 154 229 214 147 66 219 242 227 252 255 97 102 255 255 185 Strong track record of dividend growth, with 3% CAGR at FY25 Following the Aegon UK acquisition, IFRS shareholders' equity is expected to increase and be positive in 2027 IFRS consolidated shareholders’ equity is not a constraint to the payment of our dividends(13) Appendix 8: Progressive and sustainable dividend 40.80 41.90 45.20 46.00 46.80 47.50 48.90 50.80 52.70 54.00 2016 2017 2018 2019 2020 2021 2022 2023 2024 28.05p 27.35p 2025 2026 55.40 28.05p 2015 Dividend track record Parent company distributable reserves FY25 £5.8bn Standard Life plc Operating Cash Generation £745m Mid-single digit % growth p.a. Shareholder Capital Coverage Ratio(1,2) 169% 140-180% target range Cash Capital Earnings Standard Life | Half year 2026 results 39See Appendix for footnotes
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10 47 115 255 187 0 33 64 206 255 244 60 2 190 152 154 229 214 147 66 219 242 227 252 255 97 102 255 255 185 10 47 115 33 64 206 255 187 0 255 244 60 2 190 152 154 229 214 147 66 219 242 227 252 255 97 102 255 255 185 Appendix 9: Debt maturity profile and leverage ratios as at 30 June 2026 1 First optional redemption 2 All currency debt converted into GBP based on the closing 30 June 2026 exchange rates 3 SII leverage calculation = debt (all debt including RT1) / SII regulatory eligible Own Funds 4 Fitch leverage ratio is estimated by management based on Fitch’s published methodology (calculation = debt (all debt excluding RT1) / debt + equity (adjusted shareholders’ equity + NCI + policyholder surplus in With-Profits funds + RT1)) 5 IFRS leverage calculation = debt (all debt including RT1) / debt + equity (adjusted shareholders’ equity) 6 Ratios allow for currency hedges over foreign currency denominated debt 7 On 21 July 2026 the Company issued £350 million Fixed Rate Reset Perpetual Restricted Tier 1 Contingent Convertible Notes. These bear interest at an initial rate of 7.375%, subject to first call rate on 21 January and reset date on 21 July 2034 and on each coupon date thereafter. Proceeds expected to be used in full to fund a portion of the cash consideration for the proposed acquisition of Aegon UK £500m £500m $500m (2) 2H27 £500m (1) 1H28 2H28 €500m (2) 1H29 $500m (1,2) 2H29 1H30 2H30 1H31 2H31 1H32 2H32 £350m (1) 1H33 2H33 £350m (1,7) 1H34 RT1 bond Tier 2 bond Leverage ratios FY25 HY26 SII leverage(3,6) 33% 29% Fitch basis(4,6) 23% 20% IFRS basis(5,6) 53% 53% Standard Life | Half year 2026 results 40
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10 47 115 255 187 0 33 64 206 255 244 60 2 190 152 154 229 214 147 66 219 242 227 252 255 97 102 255 255 185 10 47 115 33 64 206 255 187 0 255 244 60 2 190 152 154 229 214 147 66 219 242 227 252 255 97 102 255 255 185 Appendix 10: Change in Life Companies’ Free Surplus 1.5 1.6 0.4 0.3 0.3 FY25 LifeCo Free Surplus Surplus generation and release of capital requirements Recurring management actions Other management actions (0.9) Cash remittances to Group (0.0) Net strain and funding of annuities† (0.0) Economics and other HY26 LifeCo Free Surplus(1) Operating Cash Generation £bn Standard Life | Half year 2026 results 41 †Includes New business strain of annuities and Cash remittances from Group to fund annuities See Appendix for footnotes
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10 47 115 255 187 0 33 64 206 255 244 60 2 190 152 154 229 214 147 66 219 242 227 252 255 97 102 255 255 185 10 47 115 33 64 206 255 187 0 255 244 60 2 190 152 154 229 214 147 66 219 242 227 252 255 97 102 255 255 185 Non-recurring Own Funds of c.£(0.2)bn Recurring Own Funds of c.£0.2bn Appendix 11: Change in shareholder solvency capital and coverage ratio Shareholder Own Funds 8.3 0.2 0.3 (0.4) 0.1 0.1 (0.1) (0.2) 8.3 (0.5) 7.8 SCR 4.7 (0.1) - - 0.1 (0.1) - - 4.6 - 4.6 SCCR 176% +9% +7% (9)% (2)% +8% (3)% (6)% 180% (11)% 169% 0.3 0.3 0.2 Surplus emergence and release of SCR Recurring management actions (0.4) Operating costs, debt interest and dividend (0.0) New business strain(14) Other management actions (0.1) (0.5) Surplus pre-debt repayment Investment spend & other (0.2)3.6 3.7 3.2 Economics & temp. strain HY26 SII Surplus (1) Debt repayment FY25 SII Surplus Recurring net capital generation of £0.2bn Non-recurring net capital items of £(0.1)bn 176% 169%180% +5% SCCR (1)% SCCR (11)% SCCR • Recurring net capital generation of £0.2bn supported by business growth • Other management actions include: • Capital model reviews • With-Profits simplification • External annuity reinsurance • Investment spend & other include: • Ongoing investment spend to Grow, Optimise and Enhance • Economics and other include £(0.1)bn investment variance net of hedging Standard Life | Half year 2026 results 42 Numbers may not sum due to rounding See Appendix for footnotes £bn
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10 47 115 255 187 0 33 64 206 255 244 60 2 190 152 154 229 214 147 66 219 242 227 252 255 97 102 255 255 185 10 47 115 33 64 206 255 187 0 255 244 60 2 190 152 154 229 214 147 66 219 242 227 252 255 97 102 255 255 185 43 Appendix 12: With-Profits simplification programme c.£35bn AUA in With-Profits segment • Initiated a 2-year programme covering 12 With-Profits funds • Agree buyout of 90/10 With-Profits funds • c.£0.7bn† of future shareholder transfers 22 With-Profits funds, of which 12 operated on a 90/10 basis Scope Context OutcomeBenefits Non-recurring management action benefits • c.£110m non-RMA benefit from 6 funds by 1H26 • Total of c.£0.15bn non-RMAs benefit from 12 funds completed over the next 12 months Distributable profits and liquidity benefits • Acceleration of future shareholder transfers • c.10% reduction in group equity hedging • Reduced IFRS sensitivity to equity movements Reduction in shareholder equity exposure and associated hedging Fairness ensured through reviews by With-Profits Actuary, Independent Actuary, Life Board and Regulators Standard Life | Half year 2026 results† Gross of tax recognised on the Solvency II balance sheet. This does not include a further c.£0.2bn gross of tax share of the estate
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10 47 115 255 187 0 33 64 206 255 244 60 2 190 152 154 229 214 147 66 219 242 227 252 255 97 102 255 255 185 10 47 115 33 64 206 255 187 0 255 244 60 2 190 152 154 229 214 147 66 219 242 227 252 255 97 102 255 255 185 Appendix 13: Additional Solvency II disclosures Share of SII Own Funds by capital tier £bn % Tier 1† 5.3 67 Tier 2 2.0 26 Tier 3 0.5 7 Total 7.8 100 4.6 Tier 3 Tier 2 Tier 1 Tiering of Own Funds SCR 7.8 HY26 Own Funds by capital tierSII Shareholder Capital Coverage Ratio(1,2)SII Regulatory Coverage Ratio 10.3 10.0 6.7 6.8 FY25 HY26 Surplus 3.6 Surplus 3.2 Own Funds SCR 8.3 7.8 4.7 4.6 FY25 HY26 Surplus 3.6 Surplus 3.2 Own Funds SCR £bn FY25 HY26 Solvency II Own Funds 10.3 10.0 Less: Unsupported With-Profit funds (2.0) (2.2) Shareholder Own Funds 8.3 7.8 146%153% 169%176% £bn £bn £bn Standard Life | Half year 2026 results 44 † Tier 1 includes £0.9bn of Restricted Tier 1 capital See Appendix for footnotes
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10 47 115 255 187 0 33 64 206 255 244 60 2 190 152 154 229 214 147 66 219 242 227 252 255 97 102 255 255 185 10 47 115 33 64 206 255 187 0 255 244 60 2 190 152 154 229 214 147 66 219 242 227 252 255 97 102 255 255 185 Hedge unrewarded market risks Protects SII surplus and therefore cash generation Reduced SCR on SII balance sheet Appendix 14: Solvency II surplus hedging sensitivities and SCR We hedge unrewarded market risks: 7% 6% 5% 26% 13% 10% 10% 7% 6% 5% 2% 3% Hedged risks = 20% of SII undiversified shareholder SCR Equity Rates Currency Inflation Persistency Credit Longevity Expense Operational Property Mortality Other 0.1 0.1 (0.1) (0.1) Equities -20% Equities +20% Long-term rates -100bps(15) Long-term rates +100bps(15) 1H26 What we do Low SII surplus sensitivities – HY26 SII undiversified shareholder SCR† Interest rates Inflation Currency Equity risk £bn Standard Life | Half year 2026 results 45 † Split of SCR includes allowance for diversification within each risk category See Appendix for footnotes
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10 47 115 255 187 0 33 64 206 255 244 60 2 190 152 154 229 214 147 66 219 242 227 252 255 97 102 255 255 185 10 47 115 33 64 206 255 187 0 255 244 60 2 190 152 154 229 214 147 66 219 242 227 252 255 97 102 255 255 185 Appendix 15: IFRS shareholders’ equity to Solvency II surplus bridge 2.9 4.9 3.2 4.9 IFRS shareholders’ equity as at HY26 CSM (net of tax) (1.1) IFRS acquired VIF Investment contract SII VIF (1.6) Other valuation differences(16) 2.9 qualifying debt SII Own Funds as at HY26 (4.6) SCR Estimated SII surplus as at HY26 (0.2) 7.8 (0.3)† 0.0 (0.1) Impact of hedging in HY26 (post-tax) 0.2 =+ + £bn Standard Life | Half year 2026 results 46 † Post-tax, economics & OCI See Appendix for footnotes HY25 0.8 2.7 (1.2) 3.7 (1.2) 4.8 FY25 0.2 2.9 (1.1) 4.4 (1.5) 4.9
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10 47 115 255 187 0 33 64 206 255 244 60 2 190 152 154 229 214 147 66 219 242 227 252 255 97 102 255 255 185 10 47 115 33 64 206 255 187 0 255 244 60 2 190 152 154 229 214 147 66 219 242 227 252 255 97 102 255 255 185 Appendix 16: Solvency II Shareholder Capital Coverage Ratio sensitivities Rewarded market risks(17)Demographic risks(17)Unrewarded market risks(17) 3.2(1) 0.1 0.1 (0.1) Nil 0.1 (0.1) (0.2) (0.2) Nil (0.3)(0.4)Impact on SII surplus Base position Equities 20% fall in markets Long-term rates 100bps rise(15) Long-term rates 100bps fall(15) Long-term inflation 50bps rise(18) Currency 15% reduction(19) Currency 10% increase(19) Lapse 10% increase/ decrease in rates(20) Longevity 6 months increase(21) Property† 12% fall in values(22) Credit 110bps spread widening(23) Own Funds 7.8 (0.3) (0.1) 0.2 0.0 0.2 (0.1) (0.3) (0.4) (0.2) (0.1) (0.2) SCR (4.6) 0.4 0.2 (0.3) 0.0 (0.1) 0.0 0.1 0.0 0.0 0.1 (0.1) SCCR(2) 169% 7% 4% (5)% (2)% 1% 0% (2)% (8)% (3)% 2% (7)% Credit†† 20% portfolio full letter downgrade(24) £bn Standard Life | Half year 2026 results 47 † Property lending includes ERM and Commercial Real Estate †† Downgrade sensitivity includes an estimate for realistic management actions See Appendix for footnotes Impact on:
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10 47 115 255 187 0 33 64 206 255 244 60 2 190 152 154 229 214 147 66 219 242 227 252 255 97 102 255 255 185 10 47 115 33 64 206 255 187 0 255 244 60 2 190 152 154 229 214 147 66 219 242 227 252 255 97 102 255 255 185 Appendix 17: IFRS sensitivities IFRS shareholders’ equity Post-tax P&L impact CSM impact 356 516 Equities -10% (366)Equities +10% Long-term rates -100bps (404)Long-term rates +100bps 356 693 Equities -10% (366)Equities +10% Long-term rates -100bps (551)Long-term rates +100bps 86 8 (72)Equities -10% Equities +10% Long-term rates -100bps Long-term rates +100bps (10) £m £m £m Standard Life | Half year 2026 results 48
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10 47 115 255 187 0 33 64 206 255 244 60 2 190 152 154 229 214 147 66 219 242 227 252 255 97 102 255 255 185 10 47 115 33 64 206 255 187 0 255 244 60 2 190 152 154 229 214 147 66 219 242 227 252 255 97 102 255 255 185 (0.2) 4.9 IFRS shareholders’ equity 2.9 CSM (net of tax) (1.1) IFRS acquired VIF Investment contract SII VIF (1.6) Other valuation differences(16) SII Own Funds (excl. debt) Contribution from new business (incl. UK PRT partnership) Annual management actions Investment and other experience actual vs expected Annual returns on excess Aegon UK synergies Corporate costs and debt interest Intrinsic value of business Appendix 18: IFRS shareholders’ equity, to Solvency II Own Funds, to intrinsic value walk Illustrative view of sources of future value (not to scale)IFRS shareholders’ equity to SII Own Funds (excl. debt) £bn Standard Life | Half year 2026 results 49See Appendix for footnotes
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10 47 115 255 187 0 33 64 206 255 244 60 2 190 152 154 229 214 147 66 219 242 227 252 255 97 102 255 255 185 10 47 115 33 64 206 255 187 0 255 244 60 2 190 152 154 229 214 147 66 219 242 227 252 255 97 102 255 255 185 Operating earnings per share†† Appendix 19: HY26 IFRS adjusted operating profit drivers CSM release Risk adjustment release Operating profit on investment contracts† Expected investment margin Non- economic experience variances Non- attributable expenses Other Total IFRS adjusted operating profit Pensions and Savings 18 4 226 16 (16) (9) 5 244 Retirement Solutions 99 10 - 245 (21) (6) (3) 324 Europe and Other 12 1 7 29 (7) (10) - 32 With-Profits 17 2 3 3 (10) (2) 1 14 Corporate Centre - - - - - 67 16 (51) IFRS adjusted operating profit 146 17 236 293 (54) (94) 19 563 56 39 56 451HY25 Investment contract charges 2CSM and RA release Cost saves Investment margin (41)Other 563HY26 Drivers of overall improvement in HY26 IFRS adjusted operating profit Growth drivers HY25 IFRS adjusted operating profit 133 28 169 237 (32) (122) 38 451 34.4p £m £m Standard Life | Half year 2026 results 50 † Operating profit on investment contract charges £531m (HY25: £475m) net of investment contract expenses of £295m (HY25: £306) †† Operating earnings per share is calculated using IFRS adjusted operating profit less financing costs, after tax divided by the weighted average number of ordinary shares in issue during the period
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10 47 115 255 187 0 33 64 206 255 244 60 2 190 152 154 229 214 147 66 219 242 227 252 255 97 102 255 255 185 10 47 115 33 64 206 255 187 0 255 244 60 2 190 152 154 229 214 147 66 219 242 227 252 255 97 102 255 255 185 • Insurance result benefits from CSM and RA amortisation and includes investment margin on assets supporting this business • Investment result benefits from higher fees supported by increase in average AUA • Investment contract expenses and non- attributable expenses benefit from cost savings programme • Overall adjusted operating profit margin of 22bps reflecting scale benefit and operating leverage Appendix 20: Pensions and Savings IFRS adjusted operating profit analysis 1H26 2025 2H25 1H25 2024 2H24 1H24† CSM and RA release 22 41 20 21 45 27 18 Other insurance items - 38 43 (5) 9 11 (2) Insurance result 22 79 63 16 54 38 16 Investment contract charges 476 887 458 429 868 463 405 Investment contract expenses (250) (514) (265) (249) (519) (272) (247) Investment result 226 373 193 180 349 191 158 Non-attributable expenses (9) (67) (44) (23) (88) (56) (32) Other non-insurance items 5 4 (2) 6 1 (6) 7 IFRS adjusted operating profit 244 389 210 179 316 167 149 Average AUA†† £217.0bn £204.6bn £210.5bn £198.0bn £191.5bn £195.4bn £187.8bn IFRS adjusted operating margin (annualised) bps†† 22bps 19bps 20bps 18bps 17bps 17bps 16bps £m Standard Life | Half year 2026 results 51 † Investment contract charges in 1H24 did not include £15 million in relation to a block of business which was recognised outside of the investment result. This was corrected in FY24 and therefore 2H24 includes £15 million of investment contract charges related to 1H24. †† International Bonds AUA and flows reallocated to Retail from Europe for FY23, FY24, FY25 and HY26, and a held for transfer CTIP reclassified to Other from Workplace at end of FY25. Related profits of £8m included in HY26 only.
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10 47 115 255 187 0 33 64 206 255 244 60 2 190 152 154 229 214 147 66 219 242 227 252 255 97 102 255 255 185 10 47 115 33 64 206 255 187 0 255 244 60 2 190 152 154 229 214 147 66 219 242 227 252 255 97 102 255 255 185 Appendix 21: Retirement Solutions IFRS adjusted operating profit analysis • Increase in CSM release, reflecting growth in the annuity book and benefits from strategic actions • Lower expected investment margin due to lower surplus assets, partly offset by higher asset returns • Higher trading profits owing to portfolio management actions delivered in the period • Cost savings contributing to margin improvement 1H26 2025 2H25 1H25 2024 2H24 1H24 CSM release 99 189 98 91 150 77 73 RA release 10 28 14 14 24 14 10 Expected investment margin 82 148 60 88 212 102 110 Trading profit 163 233 120 113 154 110 44 Other insurance items (21) 7 14 (7) (11) (14) 3 Insurance result 333 605 306 299 529 289 240 Non-attributable expenses (6) (37) (23) (14) (60) (30) (30) Other items (3) (5) (6) 1 5 5 - IFRS adjusted operating profit 324 563 277 286 474 264 210 Surplus assets £1.4bn £2.0bn £2.0bn £2.0bn £3.0bn £3.0bn £3.0bn Long-term returns on SH funds 39 101 48 53 149 74 75 Returns from assets backing liabilities 43 47 12 35 63 28 35 Expected investment return 82 148 60 88 212 102 110 Long-term return on SH funds 5.5% 5.1% 4.9% 5.3% 5.0% 4.9% 5.0% Closing CSM before amortisation 2,865 2,989 2,989 2,706 2,456 2,456 2,338 Rate of CSM release % 7% 6% 7% 7% 6% 6% 6% Average AUA £42.0bn £40.2bn £40.7bn £39.5bn £39.0bn £39.4bn £38.6bn IFRS adjusted operating profit margin (annualised) 154bps 140bps 136bps 145bps 122bps 134bps 109bps £m Standard Life | Half year 2026 results 52
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10 47 115 255 187 0 33 64 206 255 244 60 2 190 152 154 229 214 147 66 219 242 227 252 255 97 102 255 255 185 10 47 115 33 64 206 255 187 0 255 244 60 2 190 152 154 229 214 147 66 219 242 227 252 255 97 102 255 255 185 Appendix 22: Movement in Group Contractual Service Margin, including segmental split Movement of the Group CSM from 1 January 2026 to 30 June 2026 122 Assumption changes, experience and economics and other Total CSM (net) as at HY26 Tax (974) Total CSM (gross) as at HY26 CSM release (150) Total CSM (gross) pre release 3,806 4,044 3,894 2,920 Interest accretion 37 New business 79 Total CSM (gross) as at FY25 +2% Split by segment: Retirement Solutions 2,800 (26) 58 33 2,865 (99) 2,766 (692) 2,074 Pensions and Savings 296 80 - - 376 (18) 358 (89) 269 Europe and Other 196 9 21 1 227 (12) 215 (54) 161 With-Profits 514 59 - 3 576 (21) 555 (139) 416 Total Group 3,806 122 79 37 4,044 (150) 3,894 (974) 2,920 Standard Life | Half year 2026 results 53 £m
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10 47 115 255 187 0 33 64 206 255 244 60 2 190 152 154 229 214 147 66 219 242 227 252 255 97 102 255 255 185 10 47 115 33 64 206 255 187 0 255 244 60 2 190 152 154 229 214 147 66 219 242 227 252 255 97 102 255 255 185 FY26 125 FY25 62 FY24 63 Original delivery profile 2H26 40 1H26 30 2H25 80 1H25 37 FY24 63 Accelerated delivery profile 250 250 • A total of £210m run-rate cost savings achieved, of which: • £40m earned in HY25 • £95m earned in HY26 • Of the incremental £55m earned in HY26 vs HY25: • c.£39m reported in earnings • c.£16m related to insurance contracts principally accounted for through CSM • Cost savings are a key underpin of improved IFRS adjusted operating profit and margin improvements in Pensions and Savings, and Retirement Solutions Appendix 23: Cost savings target on track to achieve in 2026 Achieving our c.£250m run-rate cost savings† by end-2026, net of inflation £m 54† Compared to FY23 £1.23bn cost base Standard Life | Half year 2026 results
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10 47 115 255 187 0 33 64 206 255 244 60 2 190 152 154 229 214 147 66 219 242 227 252 255 97 102 255 255 185 10 47 115 33 64 206 255 187 0 255 244 60 2 190 152 154 229 214 147 66 219 242 227 252 255 97 102 255 255 185 Appendix 24: Shareholder credit portfolio Prudently positioned shareholder credit portfolio 41% 16% 16% 11% 9% 5% 2% Credit rating Shareholder credit assets are a small proportion of our c.£333bn balance sheet (c.13%) Our prudent portfolio is 100% investment grade† 10% 44% 28% 17% 1% <BBBBBBAAAAAA 34% 34% 31% 38% 35% 14% 10% 3% 1% US & Canada Europe UK Financial Property Non UK Housing Association Government Industrial Energy £42.3bn Gilts/Sovereigns/Supra/Sub-sovereign Non-cyclical Real estate ERM Financials Other Cyclical Standard Life | Half year 2026 results 55 † <1% of the portfolio is BB and below †† Our theoretical maximum indirect exposure to Software/SaaS in our shareholder assets private corporate credit portfolio is c.£0.1bn via closed-end funds ††† Excludes c.£0.3bn of assets which are managed by, and 100% credit reinsured to, an independent third party. £3.9bn ††† £3.9bn††† • The portfolio is 99.9% investment grade rated and has no direct exposure†† to Software/SaaS • We use Fitch, Moody’s and S&P for external credit assessments here, consistent with our existing governance framework, to support our disciplined and prudent internal underwriting processes. Private corporate credit portfolio
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10 47 115 255 187 0 33 64 206 255 244 60 2 190 152 154 229 214 147 66 219 242 227 252 255 97 102 255 255 185 10 47 115 33 64 206 255 187 0 255 244 60 2 190 152 154 229 214 147 66 219 242 227 252 255 97 102 255 255 185 Export Credit Agencies & Supranationals £0.7 billion with AA rating Local Authority Loans £1.2 billion with A+ rating Infrastructure – project finance debt £1.0 billion with BBB rating UK Housing Associations £0.9 billion with A- rating Equity Release Mortgages £5.0 billion with AA rating Private Corporate Credit £4.2 billion with A rating Infrastructure – corporate debt £2.3 billion with BBB+ rating Commercial Real Estate lending £1.3 billion with BBB+ rating Appendix 25: Diversification of illiquid asset portfolio as at 30 June 2026 • Broad regional spread with average LTV of 33% • Secured on property assets with average time to redemption 10 years • Diversified portfolio with c.35† % of exposure secured on variety of assets • Loans across 65† different counterparties • Secured on cash flows from long-term contracts with highly rated counterparties • 7% of portfolio backed by UK Government (directly or indirectly) • Structured with robust covenant protection, a combination of loan-to-value and interest coverage ratio • Average LTV for portfolio is 47% • Secured on cash flows from long-term contracts with highly rated counterparties • 53% of portfolio backed by UK Government (directly or indirectly) • Unsecured but with implicit Government support • Loans across 37 different counterparties with average loan size of c.£24m • 56% of portfolio is Government-backed • Loans across 10 different counterparties • 100% of portfolio is secured on assets • Average loan size of c.£21 million across 28 different counterparties£5.0bn £4.2bn £2.3bn £1.3bn £0.9bn £1.0bn £1.2bn £0.7bn ERM Private Corporate Credit Infrastructure - corporate debt Commercial Real Estate lending UK Housing Associations Infratructure - project finance debt Local Authority Loans Export Credit Agencies & Supranationals £16.6bn Standard Life | Half year 2026 results 56† This analysis is performed on a total £3.9 billion which excludes c.£0.3bn of assets which are managed by, and 100% credit reinsured to, an independent third party.
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10 47 115 255 187 0 33 64 206 255 244 60 2 190 152 154 229 214 147 66 219 242 227 252 255 97 102 255 255 185 10 47 115 33 64 206 255 187 0 255 244 60 2 190 152 154 229 214 147 66 219 242 227 252 255 97 102 255 255 185 Ratings agency FY25 HY26 Change MSCI AAA AAA Sustainalytics 10.5 / low risk 10.5 / low risk CDP† A- B S&P Global ESG 65 65 ISS ESG corporate rating C+ prime C+ prime Appendix 26: ESG ratings and collaborations Selected collaborations and commitmentsStrong ESG ratings Standard Life | Half year 2026 results 57 ESG ratings may vary among ESG rating agencies as the methodologies used to determine ESG ratings may differ. The Group’s ESG ratings are not indicative of its current or future operating or financial performance, and are only current as of the dates on which they were initially issued. Investors must determine for themselves the relevance of any such ESG ratings information contained in this presentation. Leader Scores are as at 16 March 2026 † CDP rating is on a 1 year lag
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10 47 115 255 187 0 33 64 206 255 244 60 2 190 152 154 229 214 147 66 219 242 227 252 255 97 102 255 255 185 10 47 115 33 64 206 255 187 0 255 244 60 2 190 152 154 229 214 147 66 219 242 227 252 255 97 102 255 255 185 Planet Better futures Appendix 27: Sustainability 2026 key steps On track Complete the roll-out of climate-aligned benchmarks and decarbonising strategies across our listed equity and corporate bondportfolios Complete† Launch the second three-year engagement programme with identified priority companies On track Deliver an ongoing programme of thought leadership, engagement and advocacy to overcome barriers to unlocking investment in climate and nature solutions, in support of our longer-term aspiration to invest up to £40bn in sustainable, transition and UK-focused productive assets†† Complete††† Implement measures to reduce our emissions from business travel, including carbon budgets People Better journeys On track Continue to support our customers through personalised and intuitive digital experiences including our financial wellness offering, by providing tools, guidance and solutions to support customers to build financial engagement and confidence On track Run awareness-raising brand campaigns to encourage people to take action On track Continue to innovate for our customers approaching retirement through Guided Retirement journeys and fund solutions Standard Life | Half year 2026 results 58 We want to be the business that people trust to guide their retirement journey, helping our customers achieve better outcomes and greater financial security in later life We want to play our part in delivering a net zero economy and managing our impact and dependency on nature, to help deliver better outcomes for our customers and shape the world they will retire into † Programme has commenced †† Our definition of sustainable and transition assets are set out in our Sustainable Finance Classification Framework for Private Markets. We align with the ABI Investment Delivery Forum’s definition of productive assets: Contributing to the real economy, expanding productive capacity, or furthering sustainable growth ††† Pilot budget has launched and will continue to be monitored Our key areas of focus for Sustainability
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10 47 115 255 187 0 33 64 206 255 244 60 2 190 152 154 229 214 147 66 219 242 227 252 255 97 102 255 255 185 10 47 115 255 187 0 33 64 206 255 244 60 2 190 152 154 229 214 147 66 219 242 227 252 255 97 102 255 255 185 Appendix 28: Proposed acquisition of Aegon UK - Transaction structure and key terms Strategic shareholding • Aegon will become a 15.3% shareholder in enlarged group • Aegon will be subject to a lock-up agreement until the earliest of 18 months following the transaction completion date or the completion of the redomiciliation of Aegon Ltd to the United States Completion conditions and timeline • Transaction completion is subject to customary regulatory approvals • Completion expected around the end of 2026 Consideration • 100% of Aegon UK to be acquired from Aegon for a total consideration of £2.0bn • Equivalent to 0.83x P/2025A Unrestricted Tier 1† Funding • Acquisition funded via combination of £750m of cash and 181.1m newly issued Standard Life shares to Aegon • Cash consideration funded via £650m debt issuance pre completion Relationship agreement • Strategic relationship agreement with Aegon • For so long as Aegon holds more than 10%, Aegon will be entitled to appoint one director to the Standard Life Board † Price(4) to £2.4bn unrestricted tier 1 capital See Appendix for footnotes Standard Life | Half year 2026 results 59
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10 47 115 255 187 0 33 64 206 255 244 60 2 190 152 154 229 214 147 66 219 242 227 252 255 97 102 255 255 185 10 47 115 255 187 0 33 64 206 255 244 60 2 190 152 154 229 214 147 66 219 242 227 252 255 97 102 255 255 185 Appendix 29: Proposed acquisition of Aegon UK - Transaction unlocks c.£0.8bn worth of total net synergies Quantum Drivers • Diversification benefit • Harmonisation of capital models and methodology Cost synergies Capital synergies • c.£340m one-off• c.£110m pre-tax run-rate p.a. • Rationalising combined group platforms and operations • Removal of duplicative head office costs In addition to potential significant opportunity for future revenue synergies from retention and consolidation Timing • Over 70% achieved by end of 2029 • Fully achieved by 2031 • Over 50% achieved by end of 2029 • Fully achieved by 2031 c.£1.2bn total gross synergy value† c.£0.3bn post-tax costs to achieve c.£0.8bn total net synergy value c.£0.1bn post-tax additional separation and transaction costs + † Reflecting the sum of 10x post-tax cost synergies plus capital synergies Standard Life | Half year 2026 results 60
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10 47 115 255 187 0 33 64 206 255 244 60 2 190 152 154 229 214 147 66 219 242 227 252 255 97 102 255 255 185 10 47 115 255 187 0 33 64 206 255 244 60 2 190 152 154 229 214 147 66 219 242 227 252 255 97 102 255 255 185 Appendix 30: Proposed acquisition of Aegon UK - Attractive financial outcomes delivered across key metrics Cash Earnings Capital Further underpins progressive and sustainable dividend potential +£400m excess cash over 5 years (after financing and one- off costs) £160m OCG (est.)(25) growing in line with our mid-single digit % guidance Single-digit uplift to Solvency Capital Coverage Ratio Consistent with c.30% SII leverage target Mid-single digit accretion to adjusted operating EPS(27) +c.£190m(26) IFRS adjusted operating profit OCG Additional dividend and debt interest cost Non OCG One-off costs Additional excess cash generation £400m additional excess cash over first 5 years from Aegon UK acquisition (2027 – 2031) c.0.9(28) c.0.6(29) c.(0.7) c.(0.4) (25) c.0.4 See Appendix for footnotes Standard Life | Half year 2026 results 61 £bn
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10 47 115 255 187 0 33 64 206 255 244 60 2 190 152 154 229 214 147 66 219 242 227 252 255 97 102 255 255 185 10 47 115 33 64 206 255 187 0 255 244 60 2 190 152 154 229 214 147 66 219 242 227 252 255 97 102 255 255 185 Appendix 31: Footnotes 1. 30 June 2026 Solvency II capital position is an estimated position. 2. The Shareholder Capital Coverage Ratio excludes Solvency II Own Funds and Solvency Capital Requirements of unsupported With-Profit funds and unsupported pension schemes. 3. Solvency II leverage ratio calculation = debt (all debt including RT1) / SII regulatory Own Funds. Ratio allows for currency hedges over foreign currency denominated debt. 4. The proposed acquisition of Aegon UK for a total consideration of £2bn is based on 181m Standard Life shares and £750m in cash as of the announcement date, 15 April 2026. 5. Company estimate based on 2024 Broadridge Workplace Provider Benchmarking report. Market share for new & transferring schemes (averaged 2022-2024). 6. Company estimate based on internal analysis of latest market data. 7. Company estimate based on publicly available information. 8. Company estimate based on LCP pension risk transfer reports. 9. Pro forma for addition of proposed Aegon UK acquisition using available market data. 10. Pro forma for addition of UK PRT partnership writing intended volumes. 11. Workplace customer satisfaction score converted to NPS equivalent metric. 12. Retail direct customer satisfaction score converted to NPS equivalent metric. 13. The Board continues to prioritise the sustainability of our dividend over the long term. Future dividends and annual increases will be subject to the discretion of the Board, following assessment of longer-term affordability. At 31 December 2025, distributable reserves at Standard Life plc, the Group’s holding company that pays dividends to shareholders, stood at £5,800 million (2024: £5,571 million), supported by distributions from its main operating companies which continue to report under UK GAAP and carry sizeable distributable reserves. In 2025 the Group’s main operating subsidiaries generated strong UK GAAP net profits after hedging impacts, which supported the cash remittances to Group. In the consolidated IFRS financial statements, and prior to the financial effects of the recently announced strategic transactions, the Group is targeting a positive pre-hedge post-dividend IFRS net profit contribution to the IFRS shareholders’ equity from 2027. The Group accepts the hedge- related volatility that impacts IFRS shareholders’ equity, which is a known consequence of our hedging strategy that is designed to protect our cash, capital and dividend. In this overall context and consistent with previous guidance, the Board considers that the Group’s consolidated IFRS shareholders’ equity is not a constraint to the payment of our dividends. 14. New business strain principally reflects capital invested into annuities. 15. Assumes the impact of a mechanical recalculation of transitional items and an element of actively managed hedging which is performed on a continuous basis to minimise exposure to the interaction of rates with other correlated risks including longevity. 16. Other valuation differences include removal of other intangibles such as goodwill and deferred acquisition costs from IFRS (£0.3 billion decrease), differences in technical provision measurement including discount rates and allowance for risk totalling (£1.9 billion decrease), valuation of debt (£0.1 billion increase), pension scheme availability restrictions (£0.2 billion decrease), and the inclusion of the foreseeable dividend on a Solvency UK basis (£0.3 billion decrease) and other items including the tax on the valuation differences (£1.0 billion increase). Standard Life | Half year 2026 results 62
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10 47 115 255 187 0 33 64 206 255 244 60 2 190 152 154 229 214 147 66 219 242 227 252 255 97 102 255 255 185 10 47 115 33 64 206 255 187 0 255 244 60 2 190 152 154 229 214 147 66 219 242 227 252 255 97 102 255 255 185 Appendix 31: Footnotes (continued) 17. Illustrative impacts assume changing one assumption on 1 July 2026, while keeping others unchanged, and that there is no market recovery. They should not be used to predict the impact of future events as this will not fully capture the impact of economic or business changes. Given recent volatile markets, we caution against extrapolating results as exposures are not all linear. 18. Rise in inflation: 15yr inflation +50bps. 19. 15% weakening/10% strengthening of GBP exchange rates against other currencies. 20. Assumes most onerous impact of a 10% increase/decrease in lapse rates across different product groups. 21. Only applied to the annuity portfolio. 22. Property stress represents an overall average fall in property values of 12%. 23. Credit stress varies by rating and term and is equivalent to an average 110bps spread widening. It assumes the impact of a mechanical recalculation of transitionals and makes no allowance for the cost of defaults/downgrades. 24. Impact of an immediate full letter downgrade across 20% of the shareholder exposure to the bonds backing the annuity portfolio (e.g. from AAA to AA, AA to A, etc.). Reinsurance exposures and internal securitisations of ERM loans are excluded. The sensitivity assumes spread widening impacts on the market value of downgrading bonds, and rebalancing of liquid assets that fall to sub-investment grade. 25. FY25 OCG estimate is on Standard Life’s Operating Cash Generation basis. 26. Immaterial adjustment to Aegon UK reported numbers to align with Standard Life’s definition of IFRS adjusted operating profit. 27. Adjusted operating EPS is equal to IFRS adjusted operating profit net of interest EPS. Mid-single digit accretion to adjusted operating EPS by 2029. 28. Includes proportion of cost savings captured on an annual basis within OCG. 29. Includes proportion of annual cost savings capitalised. Standard Life | Half year 2026 results 63
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10 47 115 255 187 0 33 64 206 255 244 60 2 190 152 154 229 214 147 66 219 242 227 252 255 97 102 255 255 185 10 47 115 33 64 206 255 187 0 255 244 60 2 190 152 154 229 214 147 66 219 242 227 252 255 97 102 255 255 185 Disclaimer On 24 February 2026 we changed our name from Phoenix Group Holdings plc to Standard Life plc. References to performance prior to this date relate to Phoenix Group Holdings plc. Our Company is listed on the London Stock Exchange under the ticker SDLF. This presentation in relation to Standard Life plc and its subsidiaries (the ‘Group’) contains, and the Group may make other statements (verbal or otherwise) containing, forward-looking statements and other financial and/or statistical data about the Group’s current plans, goals, targets, ambitions, outlook, guidance and expectations relating to future financial condition, performance, results, strategy and/or objectives. Statements containing the words: ‘believes’, ‘intends’, ‘will’, ‘may’, ‘should’, ‘expects’, ‘plans’, ‘aims’, ‘seeks’, ‘targets’, ‘continues’ and ‘anticipates’ or other words of similar meaning are forward looking. Such forward-looking statements and other financial and/or statistical data involve known and unknown risks and uncertainty because they relate to future events and circumstances that are beyond the Group’s control. For example, certain insurance risk disclosures are dependent on the Group’s choices about assumptions and models, which by their nature are estimates. As such, actual future gains and losses could differ materially from those that the Group has estimated. Other factors which could cause actual results to differ materially from those estimated by forward-looking statements include, but are not limited to: domestic and global economic, political, social, environmental and business conditions; asset prices; market-related risks such as fluctuations in investment yields, interest rates and exchange rates, the potential for a sustained low-interest rate or high-interest rate environment, and the performance of financial or credit markets generally; the regulations, policies and actions of governmental and/or regulatory authorities including, for example, climate change and the effect of the ‘Solvency UK’ regulations on the Group’s capital maintenance requirements; developments in the UK’s relationship with the European Union; the direct and indirect consequences of the conflicts in Ukraine and the Middle East for European and global macroeconomic conditions and related or other geopolitical conflicts; political uncertainty and instability including the rise in protectionist measures; the impact of changing inflation rates (including high inflation) and/or deflation; information technology (including developments and use of Artificial Intelligence) or data security breaches (including the Group being subject to cyber-attacks); the development of standards and interpretations including evolving practices in sustainability and climate reporting with regard to the interpretation and application of accounting; the limitation of climate scenario analysis and the models that analyse them; lack of transparency and comparability of climate-related forward-looking methodologies; climate change and a transition to a low-carbon economy (including the risk that the Group may not achieve its targets); the Group’s ability along with governments and other stakeholders to measure, manage and mitigate the impacts of climate change effectively; the implementation of rules, regulations or other actions with an opposing stance to sustainability matters or policies; market competition; changes in assumptions in pricing and reserving for insurance business (particularly with regard to mortality and morbidity trends, gender pricing and lapse rates); the timing, impact and other uncertainties of any proposed or future acquisitions, joint ventures, disposals or other strategic transactions (including any associated integration); risks associated with arrangements with third parties; inability of reinsurers to meet obligations or unavailability of reinsurance coverage; and the impact of changes in capital and implementing changes in IFRS 17 or any other regulatory, solvency and/or accounting standards, and tax laws and practices and other legislation and regulations in the jurisdictions in which members of the Group operate. As a result, the Group’s actual future financial condition, performance and results may differ materially from the plans, goals, targets, ambitions, outlook, guidance and expectations set out in the forward-looking statements and other financial and/or statistical data within this presentation. The information in this presentation does not constitute an offer to sell or an invitation to buy securities in Standard Life plc or an invitation or inducement to engage in any other investment activities. The Group undertakes no obligation to update any of the forward-looking statements or data contained within this presentation or any other forward-looking statements or data it may make or publish. Nothing in this presentation constitutes, nor should it be construed as, a profit forecast or estimate. No representation is made that any of these statements will come to pass or that any future results will be achieved. As a result, you are cautioned not to place undue reliance on such forward-looking statements contained in this presentation. Standard Life | Half year 2026 results 64