China Life Pension has doubled its assets under management in the past 12 months to more than Rmb1tn ($142bn) and is expected to join the ranks of the world’s largest pension funds over the next two years.
The creation of one of China’s largest investment funds comes as the government attempts to centralise the savings of its rapidly ageing population in the face of a shrinking labour force.
China Life’s pensions business, part of the country’s largest insurance group, managed about Rmb500bn in 2018 but surpassed Rmb1tn in October, according to people familiar with the matter, who asked not to be named because the figures were not public.
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