Investors greeted Standard Life’s last results under outgoing chief executive David Nish by marking the shares down three per cent, as a raft of positive numbers failed to overshadow a 15 per cent fall in UK half-year profits.

Mr Nish, who leaves the company today after nine years, admitted to “a wee bit of disappointment” at the response, but not the results, as he handed the leadership over to investment boss Keith Skeoch, adding: “But you shouldn’t look at the share price too often.” It has, however, risen from 202p to yesterday’s 439.5p (down 15p on the day) on his six-and-a- half year watch.

A drop of 66 per cent in annuity sales helped depress UK operating profit from £165million a year ago to £141m, and the annuity crash is likely to clip £10m to £15m from full-year profit.

However strong performance in most other areas, partly as drawdown and investment products benefited from the end of compulsory annuities, meant the half-year met analysts’ expectations.

Standard’s wrap platform was the strongest in the market in the first quarter, boasting six-month growth of 11 per cent to £23.3bn, while drawdown assets rose 12 per cent over the six months to £13bn.

Fee revenue rose by four per cent to £316m, and net inflows to fee-based retail products by 21per cent to £1.8bn, compared with a year ago, and UK assets under administration were two per cent higher than the year end at £130.4bn

Standard’s joint ventures in India and China hiked operating profits by two-thirds to £15m.

At Mr Skeoch’s Standard Life Investments, operating profit jumped 51per cent to £154m, partly due to the acquisition of Ignis, but helped by a 31per cent rise in third party revenue to £298m, and a continuing shift towards higher margin products.

Excluding Ignis, third party net inflows advanced to £7.1bn from £4bn a year ago, and net inflows into SLI’s higher margin wholesale channel more than doubled to £5.3bn, with strong demand for MyFolio, equities, fixed income, real estate and multi-asset.

Inflows from outside the UK were up from £2.2bn to £5bn, including leaps from £100,000 to £800,000 in Asia Pacific, and £600,000 to £2.2bn in Europe.

Critically, SLI’s investment performance remains very strong, with 95 per cent of assets above benchmark over three years and 97 per cent over five years.

Analysts’ worries include the threat to Standard’s margins from low-cost providers in the new world of pensions and advice, and the reliance of SLI on its successful GARS range.

Mr Nish commented: “I think what you have seen is good revenue growth, and margins have strengthened during the period. Admittedly there is a very competitive environment in terms of UK insurance in general and asset management, but we have always focused on value for money and making sure we have got a lot of content in the proposition, which will mean we have stickier assets and a greater opportunity to win assets.”

Mr Skeoch responded that the performance figures covered its entire £250bn range of assets, 82 per cent of which were ahead of benchmark in 2015, and over 95 per cent on the three and five year records that were important to consultants. “Eighty per cent is seen as very good strong performance,” he said.

Mr Skeoch said that given market volatility, it should be no surprise that SLI’s global absolute return and multi-asset funds had performed well, adding: “I think volatility is going to persist for a while, the real issue is there isn’t much evidence of growth picking up, and there is a bit of nervousness around equity valuations.”

On the challenge of becoming chief executive today, Mr Skeoch said: “David has done a fantastic job in transforming and simplifying the business, we have shifted from surviving the crisis to starting to thrive... I have every opportunity to build on what he has done.”

Mr Nish said: “It’s great to be able to pass the baton on to Keith. I will take a wee bit of time for reflection....and then it’s always good to be able to surprise.”