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Belgian insurance coverage large Ageas is buying a ten p.c stake in Chinese language pension and group insurance coverage specialist Taiping Pension (TPP). He pays 1,075 billion yuan (about 140 million euros) for this.
In keeping with Ageas, TPP is “one of many largest pension insurers in China”. The Shanghai-headquartered firm had greater than 70 billion euros in belongings below administration final yr. TPP is a completely owned subsidiary of the China Taiping Insurance coverage Holdings group. Ageas is now collaborating by way of a capital improve. The deal is anticipated to be accomplished by early subsequent yr after receiving the required approvals.
No strangers
China Taiping, which is essentially owned by the Chinese language authorities, is not any stranger to Ageas. The 2 corporations have been working collectively since 2001: the Belgian group has already invested within the capital of a number of subsidiaries of China Taiping, together with life insurance coverage (Taiping Life) and reinsurance (Taiping Reinsurance).
“We stay up for working with our established accomplice to offer retirement options to individuals in China,” mentioned Hans De Cuyper, CEO of Ageas. “Because of an growing old inhabitants, the nation is going through important demographic challenges, that are growing demand for retirement financial savings merchandise. We see this as a really thrilling alternative to realize a foothold in a market that could be a precedence for the federal government.” (weblog)
2024-05-20 15:03:59
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