First Joint Venture gets go ahead to develop pension insurance business in China
China has given permission to a joint venture (JV) to establish a pension insurance company in the country, making it the first JV that has gained access to this sector.
The JV, Heng An Standard Life, was formed in 2003 and is 50-50 owned by Scotland-headquartered Standard Life Aberdeen and Tianjin TEDA International at the end of 2018.
The new entity will be the country’s first foreign-funded pension insurance company, the China Banking and Insurance Regulatory Commission said Wednesday on its website.
The commission said the country will continue to open up its banking and insurance industries as well as improve business environment to ensure more overseas-funded banking and insurance institutions could tap into the country’s financial market.
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