Standard Life’s better-than-expected results made little impact on the life assurer’s share price this morning, despite initial gains.
Despite being in the ascendency in early trading, the Edinburgh-based former mutual was trading down by around 1 per cent at 204.6 pence by 0900 hrs.

The news came as operating profits before tax were confirmed as £919 million, down from £933 million in 2008 – with the latest figure included the Asian life and pensions operations for the first time.

Standard’s share price easing back came as a shock to some investors, however, who were impressed by the board’s plans for further efficiency savings of £100 million by 2012 and today’s confirmed net inflows across the group up 51 per cent to £6.5 billion for 2009.

Group assets under administration were also up 15 per cent to £170 billion from £148 billion a year earlier.

David Nish, chief executive of Standard Life said that full year dividend would rise 4 per cent to 12.24 pence per share from 11.77 pence in 2008.

He said, ‘2009 was a successful year for Standard Life in which we delivered against our strategic objectives and built a strong platform for future profitable growth.

‘Today's announcement highlights good profits and healthy cash flow for the year, and the ongoing delivery of efficiency savings in our business despite the difficult and uncertain year for financial markets.

‘We continued to grow customer assets, generated further value from back book management, and maintained a robust capital position through our disciplined approach to risk management.’

TD WATERHOUSE
Top ten trades 
Tuesday 9 March (morning session) 

To order free annual reports of the companies below, please just click on the company's name

Buy 
1. Royal Bank of Scotland, 19.5 per cent 
2. Victoria Oil & Gas, 18.1 per cent 
3. UK Coal, 13 per cent
4. Lloyds Banking Group, 11 per cent 
5. Barclays. 8.9 per cent 
6. Provexis, 6.6 per cent 
7. Shanks Group, 6.2 per cent 
8. Xstrata, 6 per cent 
9. Gulf Keystone, 5.3 per cent 
10. Aviva, 5.3 per cent 

Sell 
1. Lloyds Banking Group, 17.3 per cent 
2. Barclays, 16.4 per cent 
3. Royal Bank of Scotland, 13.9 per cent 
4. UK Coal, 8.9 per cent 
5. Victoria Oil & Gas, 8.4 per cent 
6. Gulf Keystone, 8.4 per cent 
7. GlaxoSmithKline, 7 per cent 
8. Prudential, 6.7 per cent 
9. Xstrata, 6.7 per cemt
10. BP, 6.4 per cent