At Standard Life Investments, the firm logged £6.1 billion in third-party net inflows - up from £4.3 billon in the previous year and including 62 per cent from outside the UK - while third-party assets under management rose from £71.8 billion to £83 billion during the year. Earnings before interest and tax were £145 million, up from £126 million in 2011.

Meanwhile, in the UK operating profit before tax at the Standard Life Group increased from £220 million to £382 million, while across Europe it fell from £46 million in 2011 to £37 million in 2012.

Acquisition expenses of £174 million in the UK were 14 per cent lower than in 2011, which the firm said reflects the scalability of the business model and absolute cost reductions.