AMP, a wealth management business, in Australia and New Zealand, has agreed to acquire a 19.99% stake in China Life Pension Company, which is a unit of China Life Insurance Company.
The acquisition, for a total consideration of AUD$240 million, makes AMP the first foreign company in the world to purchase a stake in a Chinese pension company with three licences allowing end to end services throughout China.
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AMP CEO, Craig Meller, said the acquisition provides AMP with a strategic foothold in the rapidly growing enterprise annuity segment of China’s pension market and also extends its relationship with China Life.
China Life Insurance group chairman, Yang Mingsheng, said: "This strategic investment by AMP is a significant moment in the history of China Life Pension Company’s development and is another important milestone event following the establishment of China Life AMP Asset Management Company, between China Life and AMP."
AMP has operated in China since 1997 and has had a formal relationship with China Life since 2005.
In August 2009, AMP and China Life signed a memorandum of understanding for strategic cooperation.
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