Australian insurer AMP yesterday said it planned to partner with the world’s biggest listed life insurer, China Life Insurance (Group) Co (中國人壽保險), in pensions and fund management as it grows its business in Asia. AMP Limited said it had signed a memorandum of understanding for strategic cooperation with China Life, which outlined asset management and pensions as areas for partnership.
The deal offers “significant potential” for AMP to extend its reach in the world’s fastest-growing major economy at a time when China’s private pensions market is expected to hit 1 trillion yuan (US$146.4 billion) by 2030.
“This announcement represents a significant milestone in the development of our Asian strategy,” chief executive Craig Dunn said in a statement. “We will work closely with China Life to explore opportunities where we can draw on our areas of strength for mutual benefit.”
“The partnership sets a strong foundation for both organizations to cooperate on opportunities in China, Australia and the Asia-Pacific region,” Dunn said.
The size of the potential opportunity for AMP would depend on Chinese regulations and agreement with China Life, the Sydney-based company said.
AMP has pursued growth in asset management over traditional life insurance businesses in Asia. As of June 30, 5 percent or close to A$5 billion (US$4.6 billion) of its assets under management were sourced from Asia, it said.
Last week the company announced a A$12 billion bid for rival financial services group AXA Asia Pacific, saying it was very important strategically for AMP to expand its “advice footprint and our customer breadth.”
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