Allianz Global Investors Takes 2% Stake in China's Guomin Pension

Allianz Global Investors (AGI) has become the first international company to acquire a stake in China's pension insurance leader, Guomin Pension. AGI will hold a 2% stake worth 228 million yuan ($31.40 million). Guomin Pension, founded in 2022, aims to boost China's private pension market.

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 has been permitted to subscribe to newly-issued shares representing a 2% holding in the company 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. ($1 = 7.2617 Chinese yuan renminbi)

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