Bankers Security Life Insurance Society of Washington reported yesterday a 40 percent increase in operating profits for the first six months of 1979.

Not counting securities gains or losses, the insurance firm earned $2.2 million ($1.62 a share) compared with $1.6 million ($1.15) a year ago. Second-quarter operating earnings rose to $1.3 million (97 cents a share) from $829,200 (60 cents).

Chairman Leslie Schultz said sales of new life and health business fell 5 percent in the recent six months to an annual premium rate of $2.7 million because group sales are behing 1978 levels.

A. H. Robins Co., a Richmond-based pharmaceutical manufacturer, reported lower earnings for the second quarter and first six months of 1979. In the April-June period, Robins profits declined 29 percent to $5.2 million (20 cents a share) from $7.4 million (29 cents) a year ago. Sales rose 4 percent to $90 million.

In the six months, Robins earned $13.4 million (53 cents a share) compared with $16.4 million (63 cents), a 15 percent decrease. Sales also rose 4 percent to $184 million. President E. Claiborne Robins Jr. said second-quarter consumer product sales declined and that profits were affected adversely by foreign exchange losses, legal expenses related to suits over a former product and a new joint-venture chemical plant.

Black & Decker Manufacturing Co., a Towson, Md.-based tool manufacturer, reported an increase in earnings and sales for the third quarter ended June 24. Profits were $20.7 million (49 cents a share) compared with $17 million (40 cents) a year ago as sales rose to $295 million from $237 million.

The company expressed optimism that growth goals of 15 percent in sales and earnings will be exceeded in the fourth fiscal quarter "and beyond." Nine-month earnings rose to $869 million ($1.64 from $51 million ($1.21) as sales increased to $900 million from $722 million.