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Allianz Global Investors receives regulatory approval for 2% stake investment in Guomin Pension & Insurance Company in China

  • First foreign asset manager to own a stake in China’s pension insurance company Guomin Pension

10.12.2024 | Allianz Global Investors (“ AllianzGI”), one of the world’s leading active asset managers, announced today that it has received regulatory approval for the investment of a 2% stake in Guomin Pension & Insurance Company Limited (“Guomin Pension”), becoming the first foreign asset manager to own a stake in Guomin Pension. Established in 2022, Guomin Pension was jointly launched by China's large financial institutions to promote the development of China’s private pension market. Guomin Pension serves as an important part of China’s active response to its ageing population and its presence will help the overall development of the third pillar pension market in China.

AllianzGI has received approval to subscribe to around 228 million newly issued shares in Guomin Pension worth approximately RMB 284 million (USD 39 million). This will result in an increase in Guomin Pension's registered capital to around RMB11.378 billion, which has been approved by the National Financial Regulatory Administration.

Tobias Pross, Chief Executive Officer at Allianz Global Investors, commented:
“We are proud to announce this strategic investment in Guomin Pension, the latest important milestone in our long-term growth plan in a country where we see significant market opportunities. China’s pension market is growing fast. By drawing on our decades of international markets experience, along with our extensive expertise in areas including risk management, product development and asset allocation, we think we can help Guomin Pension deliver innovative solutions that best meet the country’s retirement needs.”

The market size of China's third pillar personal pensions system, launched in 2018 as pilot schemes, is projected to grow to RMB 4 trillion under the existing regulatory landscape by 2030, and may reach RMB 7 trillion if additional reforms are implemented1.

Together, AllianzGI and Guomin Pension are determined to leverage the resources and expertise of both companies to provide products and services that are more inclusive, diverse, and accessible to the general public in China.


Media Contacts:

Angie Tang
Tel +852 2238 8588
Email: angie.tang@allianzgi.com

Celia Fong
Tel +852 2238 8579
Email: celia.fong@allianzgi.com

[1] Source : China Pension Reform, jointly authored and published by KPMG China and ASIFMA in June 2023 https://kpmg.com/cn/en/home/insights/2023/06/china-pensions-reform.html

About Allianz Global Investors

Allianz Global Investors is a leading active asset manager with over 600 investment professionals in over 20 offices worldwide and managing EUR 560 billion in assets. We invest for the long term and seek to generate value for clients every step of the way. We do this by being active – in how we partner with clients and anticipate their changing needs, and build solutions based on capabilities across public and private markets. Our focus on protecting and enhancing our clients’ assets leads naturally to a commitment to sustainability to drive positive change. Our goal is to elevate the investment experience for clients, whatever their location or objectives.

Data as at 30 September 2024. Total assets under management are assets or securities portfolios, valued at current market value, for which Allianz Global Investors companies are responsible vis-á-vis clients for providing discretionary investment management decisions and portfolio management, either directly or via a sub-advisor (these include Allianz Global Investors assets which are now sub-advised by Voya IM since 25 July 2022). This excludes assets for which Allianz Global Investors companies are primarily responsible for administrative services only. Assets under management are managed on behalf of third parties as well as on behalf of the Allianz Group.

 

 

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