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Scottish Widows powers up profit as pensions and protection growth accelerates
Chira Barua
Chief Executive of Scottish Widows and Lloyds’ Insurance, Pensions and Investment business
29th January 2026
Lloyds Banking Group’s insurance, pensions and investments business - which includes Scottish Widows - published its 2025 full year results this morning. Underlying profit lifted 50% to £330m, compared with £220m in 2024, driven by steady retail and workplace growth.
Deferred profits of £5.2billion reflect the continued long term financial strength of its portfolio.
Open book assets under administration (AuA) rose 15% to £232 billion during the year, supported by strong markets and sustained new business momentum. Workplace pensions now stand at £129 billion in AuA - up 20% on last year – reflecting the strength of this segment and the value delivered to millions of savers.
Workplace pensions remained an area of robust growth, boosted by digital adoption through Scottish Widows’ enhanced app. With over 750,000 users, the app is rapidly setting the pace in digital pension engagement by giving savers clearer visibility and smarter control of their money including gamified features and tools.
In the protection market, adviser driven applications doubled in 2025 as market share continued to grow from 5.8% to 7.8% - thanks to a refreshed adviser and improved service capability, including using AI to speed up underwriting and claims.
Chira Barua, Chief Executive of Scottish Widows and Lloyds’ Insurance, Pensions and Investment business, said: “Our strong results are a clear sign of the momentum driving our business. In 2025 we led the industry on customer trust and digital innovation, and our app is changing the way people manage their long-term saving.
“We’ve enhanced customer experience through investment in automation, AI and training, which have helped boost our Trustpilot rating to an excellent 4.6 in 2026. With the scale of Lloyds Banking Group behind us we’re delivering simpler, faster experiences for millions of customers and advisers to secure their financial future..
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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 six 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 more than 18,000 advisers and 5,400 advice firms, which manage the pensions and investments of almost 166,000 clients.