Standard Life’s assets under administration in Asia increased 44% to £420m

  •  Continued business growth in the region amid the changing regulatory landscape

     Successful launch of products that are compliant with the new regulations in Hong Kong

     Strong performance of joint venture businesses in new business sales and online business

    Developments and achievements in Asia

    Wholly owned operations:

     Assets under administration increased by 44% to £420m (2013: £291m)

     Operating profit before tax up to £1m (2013: loss £5m)

     Net inflows increased to £87m (2013: £76m)

     Our Hong Kong business is ranked the fourth in the investment-linked insurance market with market share of 8.95%*

    Joint venture businesses:

     Operating profit before tax up to £18m (2013: £5m)

     HDFC Life is ranked 2nd by overall new business sales in the private market with a market share of 16% at December 2014**

     In China, Heng An Standard Life reported a profit for the first time in 2014 following strong performance supported by a 24% growth in sales through the individual business channel, strong investment gains and strict control of management expenses

    Alan Armitage, CEO for Asia and Emerging Markets, Standard Life said:

    “As the business landscape in Asia continues to evolve we continue to change and adapt. I am pleased with the progress we are making and this has been reflected in our business performance with increased assets under administration and net flows. We will continue to enhance our business operations and develop new propositions to meet customer needs in the region.”

    * Source: Provisional Statistics for Long Term Business, January – September 2014, published by the Office of the Commissioner of Insurance of Hong Kong (OCI), for individual new business in the investment linked market

    ** Source: IRDA, monthly new business stats