Profits at Royal London fell by 25% in the first half of the year as a slow market hit new sales and low interest rates affected revenues from customers' policies.
Operating profits were £94m in the six months to the end of June, compared to £126m in the same period last year, on an IFRS reporting basis.
Royal London group comprises Scottish Life, Bright Grey and Royal London Asset Management (RLAM), among several other brands.
Group CEO Phil Loney said the company had "traded robustly" despite the tough market conditions.
He said profits were particularly affected by the low interest rate environment, which had slowed the revenues generated from existing customers' policies and increased the value of liabilities in its defined benefit pension schemes.
Overall, new business was down 1% to £1.78bn, though intermediary sales at Bright Grey and Scottish Provident, the group's UK protection units, rose by 46% to £221m.
Royal London said it had more than doubled the number of adviser firms using its wrap platform, Ascentric, to 239 users. Assets under administration rose 16%, with the total at 30 June 2012 at £4.31bn.
Funds under management at RLAM stood at £44.9bn at the end of June, up 2% on the £44bn recorded at the end of 2011.
It experienced a net outflow £310.3m during H1 2012, compared with a net inflow of £583m during the same period in 2011. Royal London said the outflow was primarily from fixed interest assets, as three clients reduced their exposure.
Meanwhile, Royal London said its proposed acquisition of the life assurance and asset management businesses of the Co-operative Banking Group were progressing well and that an announcement would be made shortly.
Phil Loney, Royal London group CEO, said: "Our new business results show that Royal London is trading robustly in a flat economy and a very competitive market."
