Generali and Prudential are planning a move into China’s CNY11tn ($1.6tn) private pensions sector, which is forecast to grow by more than 400% by 2025. The companies are in talks with regulators about the move. AIA and Manulife are also believed to be considering expansion into China. A joint venture between Standard Life Aberdeen and Tianjin TEDA International was given approval for a Chinese operation earlier in 2019, while AXA and Allianz have been given permission to own Chinese insurers. In China, insurers will need to find ways of attracting customers who don’t want their money tied up in property or other assets.
Generali and Prudential are planning a move into China’s CNY11tn ($1.6tn) private pensions sector, which is forecast to grow by more than 400% by 2025. The companies are in talks with regulators about the move. AIA and Manulife are also believed to be considering expansion into China. A joint venture between Standard Life Aberdeen and Tianjin TEDA International was given approval for a Chinese operation earlier in 2019, while AXA and Allianz have been given permission to own Chinese insurers. Forecasts have said future pensioner numbers in China could put a strain on the system as contributor numbers fall.