However, fee-based revenue continued to grow, rising to £402m for the first half of 2015 from £288m in the same period of 2014.
“UK and Europe operating profit was down 22%, impacted by expected lower spread/risk margin given the current low yield environment and the 2014 Budget changed to the pension regime,” the firm said.
Nish said: “Our UK fee based propositions continue to build momentum with regular contributions into our workplace pensions up 15%.
“The strength of these propositions, investment solutions and our market positioning means we have been able to help our customers with the new pensions regulations and continue to support them as saving for their futures becomes increasingly front of mind.
”Overall, the group saw pre-tax operating profit rise 6% to £290m after a £39m reduction in the spread risk margin. The group announced an interim dividend of 6.02p, up 7.5%.
Operating profit before tax from continuing operations increased by 6% to £290m in the six months to June 30 as assets under administration rose £302bn.
Growth in the UK retail business was driven by Standard Life’s wrap platform, which had £23.3bn of AUA, up 11% and the highest net sales in the UK advised platform market
The company said approximately 25% of its wrap assets are now managed by Standard Life Investments.
