HASL is only the ninth insurance company, and the first foreign joint venture business, to have received this permission.
China has long been identified as a strategic market for Standard Life Aberdeen. The approval reflects the strength of the proposition and the relationships the company has built in the region.
HASL was formed in 2003 and offers a comprehensive suite of health, life and savings products in China. For a number of years HASL has had ambitions to offer pensions products in China, reflecting the potential offered by China's rapidly developing pensions market.
China represents a significant opportunity for both insurers and investment managers. It has an ageing demographic and as a result, the Chinese long-term savings system is expected to shift from a predominantly state pension provision to a focus on occupational and individual savings.
Commenting on the approval of the pensions licence, Stephen Bird, Chief Executive of Standard Life Aberdeen said:
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Standard Life Aberdeen plc published this content on 14 January 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 14 January 2021 15:59:00 UTC