Standard Life targets immigrants from mainland

Standard Life (Asia), which saw sales in Hong Kong double to HK$500 million last year from 2009, is to launch an investment-linked insurance product for mainland immigrants as early as the end of this year. Mainland and Taiwanese customers accounted for about 35 per cent of sales in its Hong Kong office last year, compared with only 5 per cent four years ago, the insurance company said. Hong Kong has raised the investment threshold for capital investment entrants to HK$10 million from HK$6.5 million and allowed investment-linked insurance products to count for immigration purposes since July last year. Standard Life will also increase its headcount by 10 per cent to 110 this year to cater for business growth.