Allianz Global Investors (AGI), the investment unit of the German insurance company Allianz, has become the first foreign company to acquire a stake in the Chinese pension insurance giant Guomin Pension.
AGI has been granted permission to be registered as the owner of newly issued shares representing 2% of the value of Guomin Pension, with the stake amounting to 228 million yuan (31.40 million dollars), as announced by the Chinese pension insurance company today, according to Reuters.
Guomin Pension, jointly launched by China’s largest banks and insurance companies, was established in 2022 to promote the development of the private pension market in the country.
With AGI’s investment, the registered capital of the Chinese company will be increased by 11.4 billion yuan.
