Nov. 15 (Bloomberg) -- AMP Ltd., Australia’s biggest provider of pension plans, has entered into a partnership with China Life Insurance Co. to cooperate in areas including asset management and pensions.
The agreement with China’s biggest insurer offers significant potential for AMP to expand its business in the world’s fastest-growing economy, Craig Dunn, chief executive officer of Sydney-based AMP, said in an e-mailed statement.
AMP last week proposed a plan to buy the Australian and New Zealand units of Axa Asia Pacific Holdings Ltd. as it seeks to expand its business in the Asia Pacific region. Partnering China Life will increase its presence in a private pensions market forecast to grow to A$1 trillion ($933 billion) by 2030 as the population ages, it said.
“The partnership sets a strong foundation for both organizations to cooperate on opportunities in China, Australia and the Asia Pacific region,” Dunn said.
The Chinese pension market is undergoing a period of structural change as authorities open up more investment opportunities for pension funds, Dunn said. By 2050, the number of Chinese citizens 60 or older is projected to rise to more than 430 million, or 31 percent of the population, he said.
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