Standard Life UK life and pensions sales dived 10.6% to £10.1bn in 2009, but this was offset by a strong showing in its SIPP and wrap businesses.
Shares in the Edinburgh-based company climbed 4.1% to 205.8p in early trade.
Over the year ending December 31, Standard Life reported a 7% fall in worldwide life and pensions new business.
Disappointing UK results have weighed heavily on its all round figures, with the company citing poor market conditions for the UK life and pensions dip to £10.1bn, compared to £11.3bn in 2008.
Against this, UK net inflows increased 43% to £1.2bn, compared with £0.8bn in 2008. Net inflows in the fourth quarter were nearly four times higher than Q3.
The Scottish insurer says it has continued to see strong growth in its individual SIPP customer base and assets under administration, with the total number of customer accounts increasing 27% to 83,900.
SIPP assets under administration were 36% higher for the year, growing from £8.7bn to £11.8bn. At the end of the third quarter, the figure was £11bn.
In group pensions, net flows remained steady at £1.5bn, as did the sales of £2.6bn. Assets under administration increased 24% to £17.9bn, compared to the equivalent figure last year of £14.4bn.
However, the insurer performed strongly in the wrap arena, with assets under administration more than doubling to £3.6bn. It compares well to the £1.7bn for the previous year and the £3bn figure at end Q3.
The number of IFAs firms using its platform also grew from 409 at the end of 2008 to 583 - with the number of customers rising from 16,900 to 31,600 over the year. At the end of the third quarter, 26,600 customers used its wrap.
"Standard Life has delivered an impressive performance in 2009, with a year of challenging market conditions," chief executive David Nash says.
"Third party assets under management in our investments business have reached record levels and we have seen increased net flows across our life and pensions operations, particularly in the fourth quarter.
"This momentum, coupled with the recent recovery in market levels, will benefit the group's future profits and cash flow."
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