Belgian insurance giant Ageas has agreed to buy a 10% stake in Taiping Pension, a subsidiary of China’s state-owned insurer China Taiping Insurance Holdings, for RMB 1.075 billion ($150 million), reports Caixin. Under the agreement, Ageas has the option to increase its stake to 24.99% through one or more purchases by Ageas or its subsidiaries within three years.
China Taiping said Ageas’s investment will help supplement Taiping Pension’s capital and support its business expansion. Taiping Pension provides pension and employee welfare services for businesses.
Based in Brussels, Ageas is Belgium’s largest insurer with more than €17 billion ($18.45 billion) premium revenue in 2023. The company operates in 13 countries, providing life and property insurance, reinsurance and asset management. Prior to this latest deal, Ageas already held a 24.9% stake in China Taiping’s subsidiary Taiping Life Insurance, a 20% stake in Taiping Asset Management and a 25% stake in Taiping Reinsurance.