Company | 2020-07-02
1. What is happening?
On 28 March 2017, Standard Life Aberdeen plc (“SLA”) announced the proposed sale of Standard Life (Asia) Limited (“Standard Life Asia”) to Heng An Standard Life Insurance Company Limited (“HASL”), SLA’s Sino-foreign 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. Standard Life Asia has thus become part of the Sino-foreign joint venture.
The completion of the transaction marks a major milestone for Standard Life Asia and HASL in building a stronger insurance business leveraging on the complementary expertise. It is also an important strategic move for HASL that can now access more markets with insurance licences for serving customers in both Mainland China and Hong Kong.
2. Who is HASL?
HASL was established in 2003. As at 31 December 2019, the registered capital of HASL was over RMB 4.046 billion.
The company is a 50:50 joint venture business between investment company SLA in the UK and a state-owned financial services enterprise Tianjin TEDA International Holding (Group) Company Limited (“TEDA International”) in Mainland China.
As at 31 December 2019, HASL administered over RMB16.6 billion of assets, serving over 30.6 million customers in Mainland China.
HASL has 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, showing recognition in the company’s risk management and reflecting the company’s solid progress in business development and robust risk and compliance management.
Please visit www.hengansl.com for more details of HASL.
3. Will Standard Life Asia change its name?
The company name of Standard Life (Asia) Limited is still valid until the launch of the new brand, which will be revealed soon.
4. Will my policy with Standard Life Asia be affected?
We would like to assure you that the transaction will not adversely affect the policies or the policyholders. The benefits, fees, charges, features of the policies, your rights under the policies or the terms and conditions of the policies will remain unchanged and will continue to be governed by the regulators in Hong Kong, and are protected by the provisions.
5. Will Standard Life Asia’s bank account details be changed?
Our bank accounts remain unchanged until the launch of the new brand. All means of your premium payments, withdrawals and claim/ maturity payment will be maintained as usual.
6. Will Standard Life Asia’s existing products continue to be available?
All of our existing products are available after the transaction. The management of our existing business and provision of quality services to Standard Life Asia’s customers and brokers will continue to be our priorities. The transaction puts us in a better position to serve customers with a wider range of products in the future.
7. Will Standard Life Asia’s contact details be changed?
All contact details are still valid. You can reach us via the existing channels at your convenience:
Customer Service hotline: +852 2169 0300
Fax: +852 2169 0220
Email: [email protected]
Website: www.standardlife.hk
Address: 12/F., Lincoln House, Taikoo Place, 979 King’s Road, Quarry Bay, Hong Kong
8. Does the transaction bring any impact to my financial adviser?
The business relationship between your financial adviser and Standard Life Asia remains unchanged. We have made your financial adviser aware of the transaction. Should you have any questions about the transaction, you might speak to your financial adviser in the first instance.
9. How can I find out more about the announcement?
We have posted a press release on our website www.standardlife.hk. Or, as usual, if you have any questions, you may contact your financial adviser or call our Customer Service hotline at +852 2169 0300 for more details.
We continue to be committed to protecting customers’ interests. The transaction will enhance our growth potential, offering more products and services to meet customers’ diversified and evolving needs.