The Company will be led by the new Chairman Mr Zhenyu Liu and Chief Executive Ms Olivia Liu, who are both senior executives with HASL, with immediate effect. Ms Liu will be stationed in Hong Kong to lead the Company
Standard Life Oversea completes the sale of Standard Life Asia to Heng An Standard Life Insurance. (Credit: Pixabay/Capri23auto.)
Standard Life (Asia) Limited (“Standard Life Asia” or “the Company”) announced today that it is starting a new chapter following the completion of the sale of the Company by Standard Life Oversea Holdings Limited, a wholly owned subsidiary of Standard Life Aberdeen plc (“SLA”) to Heng An Standard Life Insurance Company Limited (“HASL”).
The Company will be led by the new Chairman Mr Zhenyu Liu and Chief Executive Ms Olivia Liu, who are both senior executives with HASL, with immediate effect. Ms Liu will be stationed in Hong Kong to lead the Company.
On 28 March 2017, SLA announced the proposed sale of Standard Life Asia to HASL, SLA’s Chinese joint venture insurance business in Mainland China. The transaction was completed on 30 June 2020 after receiving approvals from the Insurance Authority in Hong Kong and the China Banking and Insurance Regulatory Commission in Mainland China.
HASL is a 50:50 joint venture insurance business between SLA, headquartered in the UK, and Tianjin TEDA International Holding (Group) Company Limited in Mainland China, a state-owned financial services enterprise.
Mr Zhenyu Liu, the new Chairman of Standard Life Asia and General Manager of HASL, said, “The completion of the transaction marks a major milestone for Standard Life Asia and HASL in building a stronger, single base for our insurance business in Mainland China and Hong Kong.
“We are in a unique position as part of a Sino-foreign joint venture insurance business to expand further in the region, to better serve our customers and build a sustainable business with long-term commitment.
“In March 2019, HASL became the first Sino-foreign joint venture insurance company to receive permission to establish a pensions insurance company in Mainland China. This allows us to further expand the business to cater for different market needs.”
HASL received an A rating in Integrated Risk Rating (Classified Regulation) given by the China Banking and Insurance Regulatory Commission for the 18th time in Q1 2020, reflecting HASL’s solid progress in business development and robust risk and compliance management.
Ms Olivia Liu, the new Chief Executive of Standard Life Asia, added, “The combined business is well-positioned to deliver more for customers in the region. Looking to the future, the deal allows us to develop a wider suite of products and use our combined expertise in both investment-linked insurance and traditional life insurance to cater for the diverse needs of different customers.
“We will also further enhance our distribution channels. Exploring the opportunity of ‘Insurance Connect’ in the Greater Bay Area is also a key part of our expansion plan.”
Mr Keith Skeoch, CEO of SLA, commented, “HASL is an important strategic investment for Standard Life Aberdeen and I am delighted we have completed this transaction, which ensures a strong base for HASL in Hong Kong. I would like to extend my thanks to our colleagues in Standard Life Asia for their commitment and dedication during this process. I am confident that the Company has a bright future ahead as part of HASL and under the leadership of Zhenyu and Olivia.”
The company name of Standard Life (Asia) Limited is still valid until the launch of the new brand, which will be revealed soon.
Source: Company Press Release