The company achieved its 2025 growth target two years early, with £1.5 billion in new business cash generated by its Standard Life division.

The group reported total cash generation of over £2bn, exceeding the upgraded £1.8bn target, and 13% year-on-year increase in IFRS adjusted operating profit to £617 million.

The growth was attributed to its pension and savings business, which is up 27% year-on-year to £190m – from £150m in 2022.

As a result, the final 2023 dividend has been given a recommended 2.5% increase to 26.65p per share.

Andy Curran, CFO at Standard Life said: “Standard Life made an important contribution to the group’s 2023 results in large part due to a fantastic year for our Workplace and BPA businesses.

“As a result, we have achieved our £1.5bn new business long-term cash target two years ahead of schedule and delivered £6.7bn of new business net fund flows.

“Today people face a wide range of challenges when it comes to preparing for retirement and these range from longer lives, an increasing onus on the individual to save enough and then make decisions about how to make that money last.

“We believe Standard Life has an important role to play as a trusted brand that helps people journey to and through retirement.”