Ageas Buys 10% Stake in China Taiping’s Pension Unit for $150 Million

Belgian insurance giant Ageas has agreed to purchase a 10% stake in Taiping Pension Co. Ltd., a subsidiary of China’s state-owned insurer Taiping Insurance Holdings Co. Ltd., for 1.075 billion yuan ($150 million) [para. 1]. The agreement also includes an option for Ageas to increase its stake to 24.99% through one or more purchases by Ageas or its subsidiaries within a span of three years [para. 2]. This investment is expected to supplement Taiping Pension’s capital and aid in the expansion of its business, which focuses on providing pension and employee welfare services for enterprises [para. 3].

Ageas, headquartered in Brussels, is Belgium’s largest insurer. In 2023, the company reported over 17 billion euros ($18.45 billion) in premium revenue [para. 4]. Ageas operates in 13 countries, offering services that include life and property insurance, reinsurance, and asset management [para. 4]. Prior to this investment, Ageas already held significant stakes in other subsidiaries of China Taiping: a 24.9% stake in Taiping Life Insurance, a 20% stake in Taiping Asset Management, and a 25% stake in Taiping Reinsurance [para. 4].

Ageas's Chairman, Bart De Smet, highlighted the strategic advantage of investing in Taiping Pension, citing its pivotal role as a major pension insurer in China. He believes that this acquisition presents an excellent opportunity for Ageas to tap into China’s burgeoning pension financial market [para. 5]. Furthermore, China Taiping stated that the expertise of Ageas in areas such as management models, pension product design, sales management, customer service, and investment operations would significantly enhance Taiping Pension’s core competitive advantages [para. 6].

For further inquiries, contact the reporter Denise Jia at huijuanjia@caixin.com [para. 7].