Standard Life Aberdeen's 50-50 life insurance joint venture on mainland China with Tianjin-based Tianjin TEDA International won final approval from regulators to open a pension insurance company.
The Edinburgh-based insurer said Friday that Heng An Standard Life will become the ninth insurance company overall and the first joint venture involving a foreign partner to get that license.
Heng An Standard Life "has had ambitions to offer pensions products in China, reflecting the potential offered by China's rapidly developing pensions market," a news release said.
It will be the second foreign company to compete in China's private pension sector. In October 2014, Sydney-based wealth management firm AMP bought a 19.99% stake in China Life Pension Co. for A$240 million ($211 million). China Life Insurance Co. launched its pension company subsidiary in 2006.
