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Standard Life plc - Annual Report and Accounts 2007
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Asia Pacific

Overview

Standard Life has a presence in the Asia Pacific life and pensions market place through a wholly owned subsidiary in Hong Kong and two joint ventures, HDFC Standard Life Insurance Company Limited (HDFC SL) and Heng An Standard Life Insurance Company Limited (Heng An SL) established in India and China, the two leading growth markets in the region.

Asia Pacific PVNBP sales: £101m in 05, £206m in 06, £266m in 07

Performance

PVNBP sales increased 47% in constant currency due to expansion of the distribution network and product development. The shareholding in HDFC SL increased to 26%, the maximum permitted under Indian regulation, and Heng An SL was the first company in China to launch a group pension plan which attracts tax relief.

Looking ahead

Further expansion in India will be driven through the development of distribution. Heng An SL plans to operate in over 100 Chinese cities by the end of 2012. The Hong Kong business also plans to grow market share by developing distribution channels and launching new products.

View Business segment performance - Asia Pacific for more detail.

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