Foreign insurers including Generali and Prudential Plc are in early talks with authorities to enter China’s private pensions sector, people with knowledge of the matter said, as Beijing opens up to overseas companies.Beijing gave approval to the first foreign joint-venture firm to establish a pensions insurance business last month and two of the people said China has been running pilot projects in three provinces involving foreign firms. Those projects end later this year.
China’s pensions assets, including those managed by the state, grew by 20 percent in 2017 to 11 trillion yuan and are expected to more than quadruple by 2025, consultancy KPMG said in a report this year. “If this trend continues, we can expect more foreign funded companies to express further interest in the coming months,” he said. The company declined to give details about its plans for the market.
“The government has expressed willingness to open up the financial services sectors in the country, it’s just a matter of time and priority. They do recognise the value that foreign players can add in the pension space,” he said.
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