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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.”


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