German Allianz to invest in China’s mega pension company with 2% stake

BEIJING/HONG KONG, June 24 (Reuters) – Allianz Global Investors (AGI), one of the investment arms of German insurer Allianz, has become the first foreign company to own a stake in China’s pension insurance giant Guomin Pension.

AGI was allowed to subscribe to newly issued shares representing 2% in the company, and the stake is worth 228 million yuan ($31.40 million), the pension firm said in a statement issued Monday.

Guomin Pension, jointly launched by China’s largest banks and insurers, was established in 2022 to promote the development of the country’s private pension market.

Source: REUTER