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Standard Life plc - Annual Report and Accounts 2007
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Opening new routes to markets

We continue to work with our joint venture partners to develop our businesses in Asia, with a 47%1 constant currency increase in PVNBP sales across our Indian and Chinese insurance joint ventures and our Hong Kong business. We increased our percentage holding in our Indian insurance joint venture, HDFC Standard Life to 26%, the maximum permitted under Indian law, and continued to expand distribution channels across India, China and Hong Kong.

We also extended our reach in our established markets, by developing new distribution channels - working with banks and consulting actuaries to complement the strength and importance of our traditional channels. We thus increased sales in non-traditional channels from 34% of the total in 2006 to 41% in 2007 in the UK.

1 The percentage change figure includes 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.

Group Chief Executive's statement ... continued