AMP and China Life Form Strategic Partnership
Entering into a partnership with China Life Insurance Co., AMP Ltd., Australia's biggest provider of pension plans, will cooperate with China's biggest insurer in areas like asset management and pensions.
The agreement offers AMP significant potential for expanding its business in what is considered to be the world's fastest-growing economy.
Seeking to expand its business in the Asia Pacific region, last week AMP put forward a plan for buying the Australian and New Zealand units of Axa Asia Pacific Holdings Ltd. As the population ages, AMP's partnering China Life will increase its presence in a private pensions market that is forecast to grow to A$1-trillion ($933 billion) by 2030.
As authorities open up more investment opportunities for pension funds, the Chinese pension market is also undergoing structural change, and by 2050, there will be over 430-million or 31% of the population Chinese who are 60-plus.
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