China’s enterprise annuity market shows solid growth in the first half
25 July 2013
By Asia Asset Management
China’s enterprise annuity (EA) market, the second pillar of the country’s retirement system, has picked up steadily over the first six months of 2013.
Total investment assets under the country’s top four EA managers reached 192.9 billion RMB (US$30.6 billion) as of the end of June, from 171.1 billion RMB at the end last year, according to the figures released by China Insurance Regulatory Commission (CIRC) on Tuesday (July 23).
Ping An Pension Insurance was the largest EA manager in terms of asset size with total AUM of 75.5 billion RMB for a 39% market share, followed by China Life Pension and Changjiang Pension Insurance, chalking up 32% and 14%, respectively.
The Mainland is pushing ahead with EA market reforms. With this, the Ministry of Human Resources and Social Security (MHRSS) issued a circular in May that expanded the pool of EA fund investments to commercial banks’ financial products, trust products, and infrastructure debt investment plans.
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