Ageas and Taiping deepen cooperation in pension solutions
20 Maggio 2024 - 1:00PM
Ageas and Taiping deepen cooperation in pension solutions
Ageas and Taiping deepen cooperation in pension
solutions
Ageas announces today that following
confirmation of its participation in the capital increase tender in
November 2023, an agreement has been concluded with China Taiping
Insurance Holdings (CTIH) to subscribe to the capital increase of
its wholly controlled subsidiary Taiping Pension Co., Ltd (“TPP”)
for a total consideration of RMB 1,075 million (around
EUR 137 million)*. After closing of the transaction Ageas
will hold 10% of the enlarged share capital of TPP.
The investment in TPP will allow Ageas to tap
into the significant growth potential of the Chinese pension
market, capitalising on the increasing demand for personal pension
products in China. It also helps Ageas to strengthen its presence
in the largest growth market in Asia, diversify its business
offerings, and consolidate its long-standing strategic partnership
with China Taiping.
Established in 2004 and headquartered in
Shanghai, TPP is one of the largest pension insurance companies in
China. The company has two major business segments, pension, and
employee benefits insurance. In 2023, TPP had EUR 71 billion
pension assets under management.
Ageas will acquire 10% of TPP’s enlarged share
capital for a total consideration of RMB 1,075 million (around EUR
137 million). The corresponding amount will be paid in cash. The
impact on the Group’s solvency position is estimated to be around
4 percentage points.
The closing of the transaction is subject to
fulfillment of conditions precedent and regulatory approvals.
Closing is expected in the first quarter of 2025.
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“We look forward to working alongside our long-standing partner to
offer pension solutions to the Chinese people. As a country facing
significant demographic challenges driven by an aging population,
resulting in a rapidly increasing demand for retirement savings
products, we view this as a very exciting opportunity to engage in
a market that has been prioritised by the Government. We are
convinced the development of the private pension market holds
potential for growth and that it will be a positive contributor to
the future development and performance of Ageas.” |
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Hans De Cuyper, CEO Ageas |
*At EUR/RMB exchange rate of 7.85 as at 17 May
2024
Ageas is a listed international
insurance Group with a heritage spanning 200 years. It offers
Retail and Business customers Life and Non-Life insurance products
designed to suit their specific needs, today and tomorrow, and is
also engaged in reinsurance activities. As one of Europe's larger
insurance companies, Ageas concentrates its activities in Europe
and Asia, which together make up the major part of the global
insurance market. It operates successful insurance businesses in
Belgium, the UK, Portugal, Türkiye, China, Malaysia, India,
Thailand, Vietnam, Laos, Cambodia, Singapore, and the Philippines
through a combination of wholly owned subsidiaries and long term
partnerships with strong financial institutions and key
distributors. Ageas ranks among the market leaders in the countries
in which it operates. It represents a staff force of about 50,000
people and reported annual inflows of more than EUR 17.1 billion in
2023.
- Pdf version of the press release
Grafico Azioni Ageas SA NV (EU:AGS)
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Grafico Azioni Ageas SA NV (EU:AGS)
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