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Scottish Widows builds momentum as growth continues
Chira Barua
CEO at Scottish Widows
Lloyds Banking Group's Insurance, Pensions and Investments business - which includes Scottish Widows - today reported strong half-year results.
Momentum across workplace pensions, protection and investments boosted underlying profit up 70% year-on year to £245m and assets under administration up 20% to £303bn.
Workplace pensions sustain robust growth
Workplace pensions remained a significant driver of growth, with the Scottish Widows app helping to scale up engagement at pace, serving more than one million users after 79% year-on-year growth.
Around 60% of users are active, highlighting greater demand for the expanding suite of digital tools that help people interact with pensions, savings and investments. One in two users take a meaningful action, including reviewing contributions and consolidating pensions.
Following the launch of its in-app pension tracing capability, Scottish Widows is helping customers reconnect with retirement savings that may have been forgotten, against a backdrop of an estimated 3.3 million lost pension pots across the UK worth £31.1bn.
The phased move of Lloyds Banking Group’s UK defined contribution pension to the Scottish Widows Master Trust is also underway, which will see the transfer of approximately £7bn of assets by the end of 2027.
AI agent helps customers start investing
Scottish Widows also continued to broaden access to investing during the period with the launch of its AI agent to help more customers understand their options and take their first steps as investors.
Customer appetite for investing was strong across the Group, with record ISA subscriptions of £1.3 billion across Ready-Made Investments and stockbroking.
Protection market share continues to rise
Protection market share also increased to 10.4% (from 7.5%), reflecting the insurer’s ongoing commitment to making it easier for advisers to serve clients while improving the experience and support available to customers during difficult moments in life.
Alongside paying 99% of life insurance claims and supporting almost 11,000 customers and families in 2025, it has continued to enhance digital capabilities and introduce new customer features.
Chira Barua, Chief Executive of Scottish Widows, said:
“We've delivered strong growth in the first half, with assets under administration reaching £303bn and strong demand from customers, employers and advisers.
“We're focused on helping more people engage with their finances, from bringing pensions together and building savings to exploring investing for the first time. Alongside continued growth in our workplace pensions and protection businesses, our AI agent is broadening access to guidance, improving understanding and helping build confidence to achieve better financial outcomes.
“As customer needs continue to evolve, we're well positioned to combine the scale of Lloyds Banking Group with leading pensions, wealth and insurance propositions. We're also introducing Lloyds Wealth to Scottish Widows pension members, bringing more of our expertise together to people access guidance, advice and support."
About Scottish Widows
Founded in 1815, Scottish Widows is part of Lloyds Banking Group, the UK’s largest digital bank and financial services group. With £280bn in total assets under administration and more than 6.5 million customers, Scottish Widows’ award-winning product range includes workplace and individual pensions, annuities, life cover, critical illness and income protection, as well as savings and investment products. Scottish Widows has more than 1.75m digitally registered customers. The Scottish Widows Platform is trusted by financial advisers as the home for the pension and investment assets of more than 170k clients.