The Group has delivered strong financial results alongside two material deals, the acquisition of HSBC Life (UK) Ltd which completed in January and the proposed acquisition of Scottish Widows Europe SA. These deals are expected to materially increase the Group’s scale and longer-term Operating Capital Generation potential. And we continue to see further opportunities to grow with a positive M&A pipeline and a great track record of disciplined execution.
Steve Murray – Group CEO
YE 2025 FINANCIAL HEADLINES
£56m
Adjusted Operating Profit (AOP)
Strong operating performance in each of our business units has contributed to a 42% increase in AOP, with the insurance result benefiting from the merger and simplification synergies in the Netherlands.
£94m
Operating Capital Generation
Operating Capital Generation (OCG) increased by 19% to £94m (FY24: £79m) driven by robust operating performance in each of our business units, and the impact of capital optimisation actions in the UK business and at Group Centre.
£859m
Own Funds 31 December 2025
Own Funds increased by 34% to £859m (FY24: £643m) driven by capital raises and robust operating and economic performance.
257%
Solvency Coverage Ratio 31 December 2025
The Solvency Coverage Ratio of 257% remains comfortably above our operating range of 140% to 160% and continues to be resilient to a wide range of financial scenarios and provides the Group with significant scope to pursue M&A and other investment opportunities as they arise.
£15bn1
Assets under Administration 31 December 2025
AuA have increased by 10% driven by positive investment returns on our existing during the period.
The final dividend for 2025 increased by 6% to 14.80p² per share, extending the period of uninterrupted dividend growth to 21 years.
YE 2025 PERFORMANCE AGAINST STRATEGIC OBJECTIVES
