Life insurance plans for China

Fri, 16 Mar 2007

The life insurance company Standard Life is aiming to expand their outlets into 40 Chinese cities by 2010, targeting provinces where I can become a market leader. The demand for insurance products, including life assurance, has soared in the Chinese market.

Standard Life runs a China insurance joint venture company with Chinese TEDA Investment Holding Co. They currently have outlets in six cities, but this will expand as time goes on.

The chief executive of Standard Life Asia, Alan Armitage, commented: "We're changing our expansion strategy to a degree. What you'll start to see from us is expansion into provinces." Standard Life are also aiming for an asset management license from China, allowing them to access the group pension business.

Trevor Matthews, the chief executive of Standard Life Assurance Ltd, reportedly commented that: "We're excited about the opportunities in China. We're at the dawn of a golden age of financial services ."
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