Standard Life in Hong Kong continues to make solid underlying performance
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."