Allianz Global Investors is investing in a 2% stake in Guomin Pension & Insurance Company, making the German asset management company the 18th shareholder of the pension insurance start-up.
Allianz GI, which is part of Europe’s largest insurer Allianz, is buying 228m new shares for CNY284m ($39m), Guomin announced.
Beijing-headquartered Guomin was set up in March 2022 with a registered capital of CNY11.15bn by 17 founding shareholders which comprise several of China’s biggest banks, insurers and securities firms. It was formed to spearhead the development of China’s private pension market.
Allianz GI was granted a wholly foreign-owned public fund management licence by Chinese regulators two months ago.
The tie-up with Allianz GI will provide Guomin with a more international perspective. Guomin will learn from the German company's rich experience in terms of product design, asset allocation, pension insurance services, and other aspects.