Foreign insurers including Generali and Prudential Plc are in early talks with a...
HONG KONG - 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.
“The average longevity of people in China is increasing but the pension market remains under-penetrated,” Prudential Asia Chief Executive Nic Nicandrou told Reuters. Underlining the potential, consultant Willis Towers Watson said China has one of the lowest ratios of private-employee annuity pension assets to GDP among major economies at 1.5 percent. That compares with 120.5 percent of GDP in the United States and more than 130 percent in Australia.
“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. It plans to draw upon its life insurance and asset management joint ventures in China to launch retirement solutions and products, said Calvin Chiu, head of Asia retirement at Manulife Asset Management.
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