CBI member, Standard Life Aberdeen has been granted regulatory approval to operate a pensions business in China.
Standard Life Aberdeen’s pensions business in China will be run in partnership with its joint venture partner, Tianjin TEDA International under the name, Heng An Standard Life. It is only the ninth insurance company, and the first joint venture business, to have received this approval.
Keith Skeoch, chief executive of Standard Life Aberdeen said: “As the pensions market in China looks set to go through fundamental reform to meet the challenges of an ageing population, [Standard Life Aberdeen] is exceptionally well positioned to support pension savers in this important market. through our long-term relationship with Tianjin TEDA International we have the infrastructure, distribution and local knowledge to develop our important strategic partnership in the world’s second largest economy. It builds on Standard Life Aberdeen’s long history in China.”
The Chinese government opened the domestic pensions market to foreign companies in 2018. To date, nine insurers have been approved to set up a pension business. The granting of the license extends Standard Life Aberdeen’s offering in China, which also includes creating and selling investment funds to institutional clients.
To find about more about Standard Life Aberdeen in China, please follow the link.
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