Standard Life in Hong Kong Continues to Make Solid Underlying Performance

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2015-08-04 17:48 5911

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HONG KONG, Aug. 4, 2015 /PRNewswire/ -- Standard Life in Asia today announces Half Year Results 2015 with solid underlying performance from Hong Kong as the business continues to adapt to regulatory changes. Its operating profit has improved to GBP6 million (H1 2014: GBP3 million) with assets under administration stable at GBP0.4 billion (H1 2014: GBP0.3 billion and FY 2014: GBP0.4 billion)

The new regulation, Guidance Note 15 (GN15), came into force on 1 January 2015 to increase customer protection and product transparency, and to prohibit indemnity commission. As a result, Standard Life revisited its business model in Hong Kong and has adapted well to a new operating environment by focusing on single premium business.

Alan Armitage, CEO, Asia and Emerging Markets, said:

"Standard Life in Asia has delivered solid underlying performance in the first half of 2015, and I am delighted with our transformation to focus on single premium propositions, tailored for affluent and high-net-worth cross-border Mainland Chinese and Hong Kong investors, and we will continue on this path going forward.

"Our Asia strategy continues to evolve with a focus on building on our relationships with our Chinese and Indian partners, expanding our asset management presence and growing our wholly-owned business in Hong Kong.

"As a long-term investment savings provider, we strive to help our customers to save and invest for their future through estate planning, capital growth and worldwide investments as these are seen as important elements for affluent and high-net-worth customers."

Notes to editors:

About Standard Life in Asia：

Standard Life's wholly owned business in Asia provides long-term investment savings solutions to more than 50,000 customers, managing GBP0.4 billion (US$0.7 billion) of assets. In addition, through its life Joint Ventures it gains global diversification and exposure to the fast growing emerging economies in India and China.
Standard Life Hong Kong ("Standard Life (Asia) Limited), established in 1999 and registered as an authorised insurer in Hong Kong, is a subsidiary Standard Life PLC and committed to Hong Kong and the Asian region. Partnering with financial advisers and other financial institutions, Standard Life provides wealth management solutions focusing on investment-linked insurance plans to help customers achieve their wealth and retirement goals.

About the Standard Life Group

At Standard Life we're in the business of helping build a more prosperous world. We're dedicated to making sure that everything we do helps our customers to save and invest for their future, our industry to improve and our society to progress. These things have been important to us since we were established in Edinburgh in 1825.
Since then, we've also been growing globally. Today, the Standard Life group employs around 6,500 people internationally -- through businesses in the UK, Europe, North America, Asia and Australia.
We're one of the Fortune Global 500's largest companies by revenue. And Standard Life plc is listed on the London Stock Exchange with around 1.2 million individual shareholders across over 50 countries.
Around 4.5 million customers worldwide trust us with their financial future -- and we are responsible for the administration of GBP302 billion of their assets. We support a further 20 million customers through our Chinese and Indian joint venture businesses. The Standard Life Investments brand also offers truly global asset management expertise with strong investment capabilities.
Wherever we operate in the world, we're motivated by a sense of responsibility. It's what helps us to be a sustainable business. We're proud to be listed as a leader for corporate sustainability in our industry in the Dow Jones Sustainability Indices (DJSI World and DJSI Europe).