INSURER Standard Life saw its 2009 operating profit slip 1.5 per cent to £919m.
The result was well above forecasts thanks to a strong performance in Britain and Asia.
Standard Life aims to cut costs by £75m by the end of this year and has already achieved £47m of that by restructuring its customer services operation.
Meanwhile it announced that it wanted to cut a further £100m by 2012.
Analysts had pencilled a £668m profit for 2009.
The insurer, Britain's fifth largest by value, last month posted a better-than-expected sales slump of only seven per cent last year, as business picked up in the second half.
Chief executive David Nish said: "Standard Life starts 2010 in a good position. We will continue to drive shareholder value through being a customer-centric business, focused on long-term savings and investments propositions."