Standard Life, the Edinburgh-based life assurer, aims to net £800 million-worth ($1.4 billion) of business by becoming one of the three larg...

Standard Life, the Edinburgh-based life assurer, aims to net £800 million-worth ($1.4 billion) of business by becoming one of the three largest players in the lucrative offshore investment market by 2008. Standard Life has set its sights on taking a 20 per cent share of the £4 billion UK offshore sector, and about 5 per cent of its group's overall sales. The firm is targeting the market after a strategic review that saw it perform a U-turn on its mutual status and focus on securing more profitable single-premium business, such as self-invested personal pensions and investment bonds. Offshore investments sold back into the UK amounted to £3 billion in 2004, a figure expected to have risen to £4 billion last year. Main players in the offshore sector for UK investors include Axa, Skandia, Canada Life and Scottish Equitable International, each of which commands around 20 per cent. Standard Life believes that, historically, the competition has been less fierce in the offshore market, the business tends to be at a higher net worth level and people are more prepared to pay for the kind of flexibility and choice available. The offshore arm will have a dedicated ten-strong workforce in its first year of operation and will be based at new offices in St Stephen's Green in the heart of Dublin. It aims to employ 30 staff within the next three years. The firm has just launched its first product - an international bond - which it hopes will bring the offshore market into the investment mainstream and plans are afoot to launch a second product, a portfolio bond.