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Standard continues push into China

Standard Life has continued its push into China with the opening of a new branch in Nanjing.

The Chinese joint venture between Standard Life and TEDA Investment Holding Corporation, called Heng An Standard Life, represents the life office’s first move into Southern China.

HASL aims to target savers with its portfolio based on plans for protection, investment, healthcare and education and will initially have 100 financial planning consultants.

Nanjing, which is in the Jiangsu province, is the biggest insurance market in mainland China. HASL aims to increase the number of FPCs to over 850 in the Jiangsu province next year and HASL’s expansion programme aims to secure a presence in over 20 of China’s major cities by the end of 2008.

HASL currently has three offices in China in Tianjin, Qungdao and Beijing and two new offices will be opened in the Shandong province by the end of 2007.

Standard Life deputy chairman Gerry Grimstone says: “The Jiangsu province has a population of approximately 65 million and is recognised as the biggest insurance market in mainland China. Access to the market via the new branch will provide Heng An Standard Life, with significant opportunities to grow the business and greater potential for long term growth.”

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