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Standard Life plc - Annual Report and Accounts 2007
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Asia Pacific - New business and performance

New business

Pacific PVNBP sales: £101m in 05, £206m in 06, £266m in 07Growth in Asia continues to be strong, with total PVNBP sales of the Asian life insurance businesses up 47%2 in constant currency terms to £266m (2006: £206m). APE sales were up 91%2 in constant currency to £49m (2006: £29m). In India, HDFC Standard Life Insurance Company Limited (HDFC SL) continued to perform well this year and contributed PVNBP of £187m, a growth of 20%2 in constant currency terms (2006: £180m). The number of financial consultants increased by approximately 33,000 in the last quarter of 2007 to 132,000. HDFC SL is currently ranked 4th in the private sector based on APE sales. We were delighted to increase our holding in HDFC SL to 26%, the maximum permitted under Indian regulation, demonstrating our commitment to the Indian market. In China, Heng An Standard Life Insurance Company Limited (Heng An SL) performed well with an APE growth of 118% in constant currency terms compared to 2006.

Performance

Asia Pacific IFRS underlying loss at £12m (2006: £9m) was higher than the prior year as we continued to invest in developing and expanding operations in this region. During the second half of 2007 Heng An SL received approval from the China Insurance Regulatory Commission to launch branches in Liaoning and Shandong provinces and to prepare for branches in Sichuan province. Heng An SL was the first life insurance company in China to launch a group pension plan product which attracts tax relief.

2 The percentage change figures include percentage change figures for India which are computed based on the percentage movement in the new business of HDFC Standard Life Insurance Company Limited as a whole to avoid distortion due to changes in the Group's shareholding in the joint venture during 2006 and 2007.