Strategy & Practice Management

Standard Life sells Hong Kong business to China JV firm

Standard Life has agreed to sell its Hong Kong insurance business to the firm’s Chinese joint venture insurance business, Heng An Standard Life Insurance Company Limited (HASL).

The transaction is subject to local regulatory and other approvals in Mainland China and Hong Kong.

It is anticipated that this could take up to 18 months. The final consideration will be calculated as at the date of completion and will be payable in cash.

The Hong Kong business was established in 1999 and is an indirect, wholly-owned subsidiary of Standard Life. It is registered as an authorised insurer in Hong Kong to provide long-term savings and investment solutions for customers, and distributes products through strategic partnerships with independent financial advisers.

HASL, established in 2003, is a joint venture between Standard Life and Tianjin TEDA International Holding. 

Said Sandy Begbie, executive lead (insurance) for China at Standard Life: “It makes strategic sense to bring Standard Life Asia and Heng An Standard Life together. It will form a stronger, single base allowing us to continue to innovate and meet the evolving needs of our Chinese and Hong Kong customers, while also enhancing our growth potential.”