1028 GMT - Standard Life is likely to report negative equity for the first half of 2026 due to higher interest rates and equity markets, UBS analysts say. There will be further headwinds for the U.K. savings and retirement firm in the second half, the Swiss bank adds. "Although this does not pose a constraint to shareholder distributions, it could deter incremental generalist investor interest, in our view." The analysts still anticipate a 200 million pound buyback to be announced in November. However, expectations for higher total cash generation and increased shareholder returns over the coming years seem priced in, the analysts add. UBS lowers its recommendation on the stock to neutral from buy but increases the price target to 1,015 pence from 995 pence. Shares are down 2.9%, but up 24% year to date.