View more on these topics

Standard looks to take with-profits to China

Standard Life is aiming to be the first British insurer to export with-profits to China after going into partnership with local life company Heng-An.

The joint venture, with £100m in capital, will be on a 50/50 basis in accordance with the Chinese regulator.

The licence being sought would allow the companies to operate in Tianjin, which has almost 10 million inhabitants and is close to Beijing. Standard hopes to be writing business by 2004.

Standard Life finance director (international operations) Peter Robertson says: “The direct salesforce will aim to be cross the 10,000 mark at some stage. There is no method of distribution in China other than agency sales. At the moment, with-profits is not sold in China but we would like to do so.”

Group chief executive

Iain Lumsden says: “Developing a presence in the Chinese insurance market has long been one of our international objectives. Signing this letter of intent with Heng-An is an important step forward.”

Recommended

A common misconception

The lead letter from George Thorpe last week seemed to share what is a common misconception about compliance and it hinted at a reason, perhaps applicable in his own case “if little new business is being introduced”.Far from being a leech on the underbelly of a fat juicy carcass, the role of the compliance officer […]

Standard Life gives GPP a facelift

Standard Life has designed personal pension flex, an individual personal pension that replaces the company’s existing individual personal pension.Personal pension flex is designed to offer more flexibility than the previous product in terms of contributions. The previous product enabled policyholders to make annual or monthly contributions, whereas the new product allows contributions to be made […]

A consumer&#39s view

The Sandler and Pickering reports have been greeted with more or less universal acclaim – and rightly so. They are full of good common sense and, the sooner the basic proposals for simplification of both pensions and other savings products are implemented, the better.But in many respects they are both trying to solve a problem […]

RSAE builds on healthy living

Royal & SunAlliance Eurolife has established the RSAE Framlington health fund, a mirror fund that invests in the Framlington International Portfolios health fund.This Luxemburg-based Sicav aims for capital growth by investing in healthcare and medical products and services. Biotchnology is likely to consist of around 40 per cent of the portfolio with lesser amounts going […]

Naming a reward programme

Six tips to get your reward programme name right

by Debra Corey, group reward director  Choosing a name isn’t easy. Whether it’s for your new puppy, a bundle of joy or your reward programme, a name determines a first impression – and often a lasting memory. When it comes to your reward programme, the name will determine how your employees feel about it even before […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment