26.10.2006
Heng An Standard Life Marks Further Expansion in Southern China
Heng An Standard Life (HASL)- the Chinese Joint Venture between Standard Life and TEDA Investment Holding Corporation- today opened a new sales branch in the city of Nanjing in the Jiangsu province; the largest insurance market in mainland China. This represents the company's first market entry in Southern China.
Through HASL's employed Financial Planning Consultant (FPC) sales model, it aims to target a new generation of savers with its product portfolio based on a set of plans for protection, investment, healthcare and education. The new base in Nanjing will initially have 100 dedicated FPCs (increasing to over 850 in the Jiangsu province during 2007) delivering long term savings products to this emerging segment.
Approval from the Chinese regulator to begin writing business in Nanjing marks a further step in the HASL's expansion programme aimed at securing a presence in over 20 of China's major cities by the end of 2008. The new branch in Nanjing increases the number of sales offices HASL has in China to four following an initial market entry in Tianjin, Qingdao and Beijing. Two new sales offices will be opened by the end of 2007 in the Shandong province.
Gerry Grimstone, Deputy Chairman of Standard Life commented at the opening ceremony;
"The Jiangsu province has a population of approximately 65 million and is recognised as the biggest insurance market in mainland China. Access to this market via the new branch opened today, will provide Heng An Standard Life with significant opportunities to grow the business and greater potential for long term growth. "
-Ends-
Notes to Editor
1. Heng An Standard Life was launched by The Standard Life Assurance
Company and Tianjin TEDA Investment Holding Co. Ltd in December 2003, with headquarters
in Tianjin and a registered capital of RMB 1.302 billion.
2. The opening of the Nanjing branch was attended by the Director of Chinese
Insurance Regulatory Commission (CIRC) Jiangsu Province, along with representatives
of the Jiangsu provincial government and Directors of HASL and local banks.
3. Nanjing is located on the South East coast of China and used to be the capital
city.
4. Jiangsu province is one of the most developed coastal areas in Southern China
with a GDP of 1.83 RMB (£130billion).
5. HASL will open sales offices in another 2 Chinese cities, Jinan and Yantai,
this year.
6. The expansion will continue in 2007 with offices opening in further 6-9 cities.
For further information please contact:
Emma Wylie
Public Relations Manager
Tel 020 7872 4154 / 07712486444