Allianz Global Investors said it has received regulatory approval to acquire a 2% stake in Guomin Pension & Insurance Co, making it the first foreign asset manager to invest in a Chinese pension insurer. The deal, valued at about CNY284m (USD39m), will raise Guomin’s registered capital to about CNY11.4bn. AllianzGI said the move taps into China’s expanding pension market, bolstered by reforms to build private retirement savings under the so-called third pillar system. Launched in 2018, the system is forecast by KPMG and ASIFMA to reach CNY4tr by 2030, potentially rising to CNY7tr with further reforms. Formed in 2022 by major Chinese financial institutions, Guomin Pension aims to spur development of the private pension market.