Net inflows into the divisions, which includes both its wholly owned businesses in the UAE, Hong Kong and Singapore, and its joint ventures in China and India, increased to £70m. This is up from £59m in the second quarter.
The increased new business pushed assets under administration up by almost 40% to £378m. This follows news at the end of the second quarter that the division had returned to profit in the first half of 2014 with an operating profit before tax of £6m.
Alan Armitage, chief executive, Asia and emerging markets, said: “We are pleased to see continued growth of our business across our Asia and emerging markets amid a changing regulatory landscape.”
In reference to the upcoming changes in Hong Kong, which will see the ban of indemnified commission, and in the UAE, where new Insurance Authority rules are due to come into force at the end of November, Armitage said: “We are supportive of any regulations aiming to increase customer protection, product transparency and to raise the standards for overall industry.
“We have taken steps to adapt our business to focus on business quality and service to the customer. We will continue to do so as the regulatory environment continues to evolve.”
It is not yet known what the full impact of the new Insurance Authority rules will be in the UAE, although some have predicted a significant reduction in the number of brokerages operating there.
Meanwhile, the decision to ban the payment of indemnity commission an all investment linked assurance schemes in Hong Kong, appears more clear-cut. However, whether this will drive down sales in the New Year is yet to be seen.
In preparation for the ban, Standard Life withdrew its Harvest Elite Investment Plan and Harvest Wealth Investment Plans earlier this month.
