The firm said in a statement that operating profit before tax for Asia and emerging markets rose to £6 million, driven by a reduction in losses in its wholly owned operations and an increase in profit from joint venture businesses to £9 million.

Standard Life’s Asia and emerging markets business consists of wholly owned operations in Hong Kong, Singapore and Dubai, and life joint ventures in India and China.

Operating loss before tax from wholly owned operations was £3 million, up from a loss of £6 million in the first half of last year, driven by growth in new business and continuing diversification of revenue.

Operating profit from India and China JV businesses increased to £9 million, compared to £5 million at the end of June 2013, partly due to growth in India and financial year end seasonality

Standard Life said that its HDFC Life unit in India continues to lead the private market by net flows and has “made a strong start to this year ranking number one by gross sales in the private market”.

Alan Armitage, chief executive of Asia and emerging markets, said that the firm’s customer base had grown by 12 per cent in the first six months of the year.

“We are focused on building a sustainable business across our markets. Through Standard Life Investments’ expertise and increased collaboration across the group, we are delivering efficiencies and ensuring we are well-placed to benefit from the changes in the regulatory landscape in the regions in which we operate,” said Armitage.

“We are well positioned to drive forward our ambitions and become a leading retail savings and investment business in our chosen markets,” he added.

Wealth management

Pre-tax profit at Standard Life’s fund management arm, which now includes its wealth management unit, increased during the first six months of the year, despite a dramatic fall in inflows, according to its half-year results for 2014.

Standard Life Investments, which includes Standard Life Wealth, reported a 9 per cent increase in first half pre-tax operating profit to £104 million ($175.3 million), up from £95 million for the same period last year.

Standard Life Investments third party assets under management increased by 5 per cent to £108 billion, up from £102 billion at the end of last year. Third party net inflows of £4.2 billion fell 43 per cent, down from £7.4 million for the first half last year.

Earlier this year, Standard Life Investments agreed to buy Ignis Asset Management from Phoenix Group Holdings for £390 million. Troubled insurance group Phoenix - run by Sir Howard Davies - had been looking to offload companies after coming under pressure from shareholders to reduce its £2 billion debt.

“The integration of Ignis has started well and although it is at an early stage we see good momentum in the business. The acquisition enhances the strategic position of Standard Life Investments and will be earnings accretive in its first full year,” the statement said.

Group results

Standard Life said that group operating profit before tax increased 12 per cent to £339 million, up from £304 million in the first half of last year.

Group assets under administration increased by 4 per cent to £254.1 billion, up from £244.2 billion at the end of last year.

Assets under management across the group benefited from a 61 per cent increase in net flows of corporate pensions in the UK and stable net inflows into retail propositions. Market movements were mainly positive but were partly offset by the negative impact of foreign exchange as Sterling strengthened against other currencies, including the Canadian Dollar and Indian Rupee.

Fee-based revenue was £758 million for the first half, compared to £694 million at the end of June last year. Standard Life said that it expects to add over 300,000 new auto-enrolled customers in 2014.