The deal follows hot on the heels of Standard Life and Aberdeen Asset Management agreeing to an astonishing £11bn (€12.7bn, $13.5bn) merger.
This underlined how Standard Life is seeing itself as an investment company rather than a life business.
Standard Life has also strategically withdrawn its insurance operations from some markets in recent years after unsuccessful attempts to establishing a presence, such as in June 2015, when Standard Life announced it was closing in Singapore.
The company said at that that time the closure was as a result of its increasing focus on building business with Chinese and Indian partners in Hong Kong.
Standard Life also closed its office in the Dubai International Financial Centre at the end of January 2015 after only a short time in the Middle East.
It entered the Chinese market in 2003, forming the joint venture business with Tianjin TEDA Investment Holding Co, called Heng An Standard Life.
At the end of December 2016, HASL had over 1,200 employees and 6,700 financial consultants. It operates 82 sales offices across 64 cities and 8 provinces, serving over 5 million customers in Mainland China.
