【转载中国日报网站】After many years' effort, British Standard Life Assurance Co - the largest mutual life insurance company in Europe - has successfully gained a foothold in China's insurance market.

    Its 50-50 joint venture (JV) with Tianjin-based TEDA Investment Holding Co Ltd (TEDA Holding), Heng An Standard Life Insurance Co, held its opening ceremony on Friday.

    "The JV is expected to bring China's life insurance market a wealth of capital, intellectual resources and highly trained and disciplined employees, as well as internationally proven products," according to Sandy Crombie, group chief executive officer of Standard Life.

     The company was officially set up on December 1 with its head office in Tianjin. With registered capital of 1.3 billion (US$157 million), Heng An Standard Life has become China's largest single life insurance venture.

    The company's products have been well received since it started selling policies in Tianjin in December.

    To date, the JV has signed co-operative agreements with Tianjin branches of the China Agriculture Bank and the China Construction Bank.

    Liu Huiwen, chief executive officer of TEDA Holdings, believes that China's life insurance market has huge potential, and Heng An Standard Life will become one of the best life insurance companies in China.

    TEDA Holdings, the largest State-owned company in Tianjin, has three listed companies on the Shenzhen Stock Exchange and two on the Hong Kong Stock Exchange.

    "The JV is TEDA's first step into the insurance market, and also its first co-operation with foreign investment in the finance field, which will contribute much to the construction of Tianjin as one of the country's business hubs in northern China," Liu said.
However, Standard Life's goal is much loftier.

    "After Tianjin, We hope that our business can be extended to Beijing," said Crombie, adding the firm also wants to spread nationwide.

    It vows to compete with other rivals by using the strategies of sophisticated investment management operations, well-designed products and quality customer services.

    China now harbours around 50 insurers from both home and abroad. Under its World Trade Organization obligations, China will gradually accelerate the opening its insurance industry, lifting geographic restrictions and absorbing more foreign investment within the field.