Friends Provident International will try to grow its business in the Asia-Pacific by using Hong Kong as a regional hub, according to the head of its international business.
The British life-insurance provider relies solely on independent financial advisers (IFA) to distribute its products. It is now in its third year in Hong Kong after buying Royal & SunAlliance's life business for about $1.66 billion in 2003.
Contrary to the findings of a Hong Kong Baptist University survey, Rocco Sepe, managing director at Friends Provident's international business, said Hong Kong had a well-developed IFA network on which his company could build its business.
'In Hong Kong, we've seen a trend of high quality financial advisers migrating into independent sectors from insurance companies and other financial institutions,' said Mr Sepe.
'That's critical to us because we work exclusively with IFA. We seek to do business in regions and countries where there are already established IFA networks.'
Mr Sepe said the firm would try to seek out opportunities in other economies in the region, including Taiwan, Singapore and Malaysia.
'Any product we undertake in Asia-Pacific will be driven from Hong Kong. So here is the engine for future growth.'
