Heng An Standard Life (HASL), a joint venture between Standard Life Aberdeen and Tianjin TEDA International, has been granted the final approval to launch pension investment products in China.

HASL is only the ninth insurance company, and the first foreign joint venture business, to receive this permission.

“China has long been identified as a strategic market for Standard Life Aberdeen,” said the Edinburgh investment giant.

“The approval reflects the strength of the proposition and the relationships the company has built in the region.

“HASL was formed in 2003 and offers a comprehensive suite of health, life and savings products in China.

“For a number of years HASL has had ambitions to offer pensions products in China, reflecting the potential offered by China’s rapidly developing pensions market.

“China represents a significant opportunity for both insurers and investment managers.

“It has an ageing demographic and as a result, the Chinese long-term savings system is expected to shift from a predominantly state pension provision to a focus on occupational and individual savings.”

Standard Life Aberdeen CEO Stephen Bird said: “Growth in China is one of our most important global opportunities, not least due to the significant potential in the nascent pension market.

“The opening of a pensions business for HASL reflects the strength of our proposition, the relationships the company has built in the region, and our ongoing commitment to the Chinese market.

“Being the first foreign invested joint venture to receive this approval is a fantastic development that significantly enhances our ongoing investment in HASL.”