Standard Life, the mutually owned and Edinburgh-based life assurance and pension provider, announce d today that it has been granted a licence to operate in the Chinese city of Tianjin.
The licence is issued jointly to Standard Life and to its partner, Tianjin TEDA Investment Holdings Company Limited. The company will be called Heng-An Standard Life Insurance Company.
The Chinese insurance industry regulator (CIRC) has granted the licence, which now paves the way to build the joint venture company.
Consistent with Chinese regulation this joint venture will be on a 50/50 basis, 50% being the maximum allowable foreign holding. It is anticipated that the company will start writing business by the end of 2003.
“This exciting development is an important stage in our plans to expand our international operations ,” explains Iain Lumsden, Group Chief Executive, Standard Life . ” Securing the licence to operate in China has been our ambition since opening our first representative office in 1996. This is a significant opportunity for the future growth and success of Standard Life.”