Belgian insurer Ageas has sealed a deal to speculate round €137m (1.07bn yuan) to amass a stake in Taiping Pension (TPP), a subsidiary of China Taiping Insurance coverage Holdings.
This funding will give Ageas a ten% stake within the expanded share capital of TPP, a transfer to faucet the Chinese language pension market’s potential by capitalising on the rising demand for private pension merchandise in China.
It additionally goals to strengthen Ageas’ presence in China, diversify its enterprise choices and consolidate its long-standing partnership with China Taiping.
Shanghai-based TPP, arrange in 2004, is reputed to be considered one of China’s largest pension insurance coverage firms.
With two main enterprise segments in pension and worker advantages insurance coverage, TPP managed pension belongings price €71bn ($77.17bn) in 2023.
Ageas CEO Hans De Cuyper stated: “We look ahead to working alongside our long-standing associate to supply pension options to the Chinese language folks.
Entry essentially the most complete Firm Profiles
in the marketplace, powered by GlobalData. Save hours of analysis. Achieve aggressive edge.
Firm Profile – free
pattern
Thanks!
Your obtain electronic mail will arrive shortly
We’re assured concerning the
distinctive
high quality of our Firm Profiles. Nevertheless, we would like you to take advantage of
useful
choice for your enterprise, so we provide a free pattern that you may obtain by
submitting the beneath kind
By GlobalData
“As a rustic dealing with important demographic challenges pushed by an ageing inhabitants, leading to a quickly rising demand for retirement financial savings merchandise, we view this as a really thrilling alternative to have interaction in a market that has been prioritised by the federal government.
“We’re satisfied the event of the personal pension market holds potential for progress and that will probably be a optimistic contributor to the long run growth and efficiency of Ageas.”
The completion of the deal is contingent on regulatory approvals and is anticipated within the first quarter of 2025.
In April this yr, BNP Paribas Cardif, the insurance coverage subsidiary of the French monetary providers firm BNP Paribas, agreed to amass roughly 9% of Ageas from Fosun Group.
The €730m deal might be executed in two phases, with an preliminary 4.8% share switch occurring shortly and the rest following regulatory approval.
These developments come after Ageas’ discontinued makes an attempt to amass Direct Line Insurance coverage Group following two unsuccessful buyout efforts.
