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UK's largest long-term savings and retirement group (formerly Phoenix Group), consolidating closed pension books and writing new pensions as Standard Life.
UK's largest long-term savings and retirement group (formerly Phoenix Group), consolidating closed pension books and writing new pensions as Standard Life.
Buys closed books of old life and pension policies from other insurers and runs them more cheaply on one platform, so cash comes from the policies gradually running off rather than from new sales. A newer part sells workplace pensions and bulk annuities, where a pension scheme pays an insurer to take over its pension promises. It bought Standard Life Assurance in 2018.
In one line: A UK life-insurance consolidator, like a much larger Athene Holding.
Moat: narrow (scale, regulatory licence, brand). Scale in consolidating closed insurance books and the rebuilt Standard Life brand support market leadership in UK long-term savings.
Headquarters: London, UK · Founded: 2009
Size Standard Life (SDLF.L) is a United Kingdom Financials company (Life/Health Insurance) with a market value of $12.5B, the 47th largest of 363 United Kingdom companies the cockpit tracks. Shares closed at £928.00 on 6 Nov 2026.
Performance Over six months the shares gained 25.1%, against +12.0% for the median peer and +3.6% for the United Kingdom market (cap-weighted) — 3rd highest of 21 in its peer set.
Growth Revenue grew 134.9% over the last twelve months (peer median +11.2%); the operating margin is 0.7% (peer median 12.6%).
Valuation It trades at 38.09× book value against a peer median of 2.34× (most expensive of 20).
Credit Standard Life has 4 bonds outstanding ($2.12B), rated BBB+ by the agencies and trading like BB+ at a weighted spread of 146 bp.
Next results Next results expected around 22 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | £50.5B | £18.2B | £17.0B | £15.6B | £30.9B |
| Revenue growth | — | +7% | +9% | -49% | — |
| Net income | -£493M | -£472M | -£1.12B | £34.0M | -£2.75B |
| Free cash flow | £3.19B | £3.85B | £4.07B | £6.92B | -£3.32B |
| Capital expenditure | £11.0M | £0 | £0 | £0 | £0 |
| Total debt | n/a | £3.79B | £4.18B | £4.46B | £4.57B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | ROE | Price / book | Implied ROE |
|---|---|---|---|---|---|---|
| Standard Life SDLF.L | $12.5B | +25% | +135% | -179% | 38.09× | n/a |
| Legal & General LGEN.L | $21.9B | +24% | +137% | 26% | 7.73× | 70.7% |
| Aviva AV..L | $29.5B | +18% | +86% | 7% | 2.46× | 23.8% |
| M&G MNG.L | $10.3B | +7% | +68% | -4% | 2.91× | 32.8% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | SDLF.L | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +10.7% | +2.9% | 3rd highest of 21 |
| 6-month return | +25.1% | +12.0% | 3rd highest of 21 |
| Return on equity | -179.3% | 13.3% | 2nd lowest of 21 |
| Price / book | 38.09× | 2.34× | most expensive of 20 |
| ROE delivered | -179.3% | 13.3% | lowest of 20 |
| Bond spread | 146 bp | 105 bp | 2nd widest of 8 |
| Company | Market | Market cap | 6M return | Revenue growth | ROE | Price / book | Implied ROE | Delivered ROE |
|---|---|---|---|---|---|---|---|---|
| Standard Life SDLF.L | United Kingdom | $12.5B | +25% | +135% | -179% | 38.09× | n/a | -179.3% |
| HDFC Life Insurance HDFCLIFE.NS | India | $13.0B | -10% | +19% | 11% | 6.31× | 72.0% | 11.2% |
| JAPAN POST INSURANCE 7181.T | Japan | $11.2B | +8% | -6% | 4% | 0.38× | 2.9% | 4.2% |
| T&d 8795.T | Japan | $14.0B | +21% | +6% | 9% | 1.32× | 5.6% | 9.3% |
| Equitable EQH | United States | $14.1B | +24% | +6% | -183% | n/a | n/a | n/a |
| Corebridge Financial CRBG | United States | $14.9B | +25% | +10% | 22% | 2.41× | 19.3% | 21.7% |
| Medibank Private MPL.AX | Australia | $9.94B | +14% | +9% | 27% | 5.90× | 23.8% | 26.8% |
| Reinsurance Group of America RGA | United States | $17.1B | +24% | +20% | 12% | 1.25× | 8.0% | 11.7% |
| Kgi Financial 2883.TW | Taiwan | $17.3B | +60% | +32% | 14% | 1.33× | 7.1% | 14.4% |
| Primerica PRI | United States | $8.94B | +6% | +8% | 33% | 3.56× | 24.9% | 32.9% |
| Voya Financial VOYA | United States | $8.91B | +21% | -3% | 14% | 2.34× | 17.2% | 14.3% |
| Jackson Financial Incorporation JXN | United States | $8.70B | +17% | +34% | 9% | 1.10× | 12.5% | 9.5% |
| SBI Life Insurance SBILIFE.NS | India | $18.9B | -5% | +18% | 14% | 8.72× | 105.4% | 13.7% |
| St. James's Place STJ.L | United Kingdom | $7.48B | -3% | +164% | 38% | 3.64× | 43.3% | 38.4% |
| NN Group N.V. NN.AS | Netherlands | $22.4B | +4% | +39% | 9% | 1.08× | 6.9% | 9.2% |
| ICICI Life Insurance ICICILIFE.NS | India | $6.77B | -22% | -8% | 13% | 4.67× | 65.0% | 12.6% |
| Challenger CGF.AX | Australia | $5.59B | +36% | -25% | 13% | 2.01× | 15.8% | 13.3% |
| Samsung Life 032830.KS | South Korea | $31.0B | -6% | +13% | 3% | 0.29× | 4.5% | 3.2% |
| Bajaj Finserv BAJAJFINSV.NS | India | $31.6B | +2% | +17% | 13% | 3.55× | 54.3% | 13.3% |
| E-L Financial ELF.TO | Canada | $4.74B | +10% | +32% | 20% | 0.68× | 6.4% | 20.2% |
| Swiss Life SLHN.SW | Switzerland | $33.0B | +14% | 0% | 20% | 4.25× | 15.4% | 20.0% |
Standard Life has 4 bonds outstanding with $2.12B face value. The agencies rate it BBB+; its bonds trade like BB+. Weighted yield 5.39%, a spread of 146 bp over government bonds.