The Standard Life Assurance Company in China (1847-1920; 1998-2017)

After the creation of the Colonial Life Assurance Company in 1846, in 1847 the first agents were appointed in Shanghai - Macvicar & Co., who were then replaced by Rathbones, Worthington & Co in 1849.[1] Despite this early presence, it was not until the arrival of James Tod in 1866 (trained at Colonial Life in Edinburgh, now working for Williams & Tod Agency) that the company's presence in Shanghai was renewed.[2] In the 1870s, despite best efforts, both James Tod and his successor Edward Holdsworth managed to create little impact on the Chinese market.[3]

In 1884, Thomas Lang visited Colombo, Singapore, Penang, Shanghai, and Japan. Following his experience there, it was decided that extra premiums for local lives would be reduced, and an 'extension of home rates to Shanghai, Chefoo, Tientsin and Nanchang, where mortality was low' was agreed.[4] Lang later became general secretary for the East, overseeing India, the Straits Settlements, China and Japan.[5]

Although expansion was halted during the war between Japan and China in the 1890s, it continued soon after when a branch was officially opened in Shanghai in 1900, led by Secretary Edward T.J. Blount.[6] Blount quickly made his mark on the branch, resolving currency issues and recruiting two local canvassers to extend the coverage of local lives.[7] Business grew steadily over the next five years, and by 1905, 2% of new sums assured for Standard Life were from Chinese Business.[8]

Any prosperity for Standard Life in China had begun to decline by 1914, and as of 1918 no further secretaries were appointed. The Shanghai branch closed in 1922, although business continued until after WWII, routed through the India branch.[9]

In 1995 Standard Life decided to return to China, following the growth of the Chinese economy in the previous decade. Acquiring the necessary license for operating in the shanghai insurance market was lengthy, but Standard life successfully opened an office in Shanghai with Robbie Knight as manager (Pacific Region) in 1996,[10] with the goal to 'contribute to the development of the Chinese life assurance industry through the training of local personnel both in Shanghai and in Edinburgh'.[10]

The following year another office was opened in Beijing,[10] and in 1999 an agreement was reached between Standard Life, HIH (Asia) Limited and China Everbright (CEL) to establish a Hong Kong based joint venture, named Standard Life Asia.[11] This was established to provide ‘wealth management solutions focusing investment-linked insurance plans to help customers achieve their wealth and retirement goals’.[12]

Heng An Standard Life Insurance Company (HASL) was established in 2003 as a joint venture between Standard Life and Tianjin TEDA International Holding (Group) Co., Limited.[13] HASL offers a 'comprehensive suite of health, life and savings products in China',[14] and became the first joint venture business to receive permission to establish a pensions insurance company in China.[14]

In 2017 Standard Life Asia was sold to the Chinese joint venture Heng An Standard Life Insurance Company,[15] becoming a 'Sino-foreign joint venture insurance company with insurance licences for serving both mainland China and Hong Kong customers'.[15]