Standard Life Cash Flow Statement

Financials in millions GBP. Fiscal year is January - December.

Millions GBP. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	2020 - 2016
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021	2020 - 2016
Net Income	-443	-1,090	56	-2,724	-837	Upgrade
Depreciation & Amortization	25	28	29	25	38	Upgrade
Other Amortization	230	266	318	349	577	Upgrade
Gain (Loss) on Sale of Assets	-	-	-	-	-93	Upgrade
Gain (Loss) on Sale of Investments	-18,804	-7,884	-11,045	45,197	-9,436	Upgrade
Stock-Based Compensation	26	26	22	16	14	Upgrade
Reinsurance Recoverable	-1,985	37	-1,439	1,553	-227	Upgrade
Change in Insurance Reserves / Liabilities	24,041	13,239	17,422	-42,146	6,248	Upgrade
Change in Other Net Operating Assets	-4,748	-1,606	-6,931	-1,723	3,377	Upgrade
Other Operating Activities	674	256	343	-1,044	467	Upgrade
Operating Cash Flow	-993	3,372	-863	866	-1,020	Upgrade
Purchase / Sale of Intangible Assets	-10	-29	-	-	-	Upgrade
Cash Acquisitions	-	-	-20	-	-	Upgrade
Investing Cash Flow	-10	-29	-20	-	304	Upgrade
Long-Term Debt Issued	152	475	410	61	17	Upgrade
Total Debt Repaid	-506	-750	-422	-496	-356	Upgrade
Net Debt Issued (Repaid)	-354	-275	-12	-435	-339	Upgrade
Issuance of Common Stock	5	-	6	4	2	Upgrade
Repurchases of Common Stock	-9	-	-	-	-	Upgrade
Common Dividends Paid	-577	-562	-549	-525	-511	Upgrade
Other Financing Activities	-246	-240	-214	-226	-246	Upgrade
Financing Cash Flow	-1,181	-1,077	-769	-1,182	-1,094	Upgrade
Miscellaneous Cash Flow Adjustments	-	-	-52	-33	-76	Upgrade
Net Cash Flow	-2,184	2,266	-1,704	-349	-1,886	Upgrade
Cash Interest Paid	212	218	203	216	237	Upgrade
Cash Income Tax Paid	73	177	93	153	149	Upgrade
Levered Free Cash Flow	19,255	7,699	23,258	-21,908	-20,256	Upgrade
Unlevered Free Cash Flow	19,421	7,880	23,420	-21,764	-20,104	Upgrade
Change in Working Capital	17,308	11,670	9,052	-42,316	9,398	Upgrade

Source: S&P Capital IQ. Insurance template. Financial Sources.