Heng An Standard Life (HASL) will be rolling out pension investment products in China, after receiving approval.
The firm is a joint venture between Standard Life Aberdeen and Tianjin Teda International.
It was formed in 2003 and offers a range of health, life and savings products in the country.
HASL said this is the first time a foreign-invested joint venture received approval to sell this kind of products in mainland China.
It believes the Asian country represents a “significant opportunity” due to its ageing demographic, as it expects the domestic savings system to move away from being predominantly based on state pensions, and towards a model focused on occupational and individual savings.
‘Ongoing commitment’
Stephen Bird, chief executive at Standard Life Aberdeen, said: “Growth in China is one of our most important global opportunities, not least due to the significant potential in the nascent pension market.
“The opening of a pensions business for HASL reflects the strength of our proposition, the relationships the company has built in the region, and our ongoing commitment to the Chinese market.
“Being the first foreign-invested joint venture to receive this approval is a fantastic development that significantly enhances our ongoing investment in HASL.”
