Reuters reports exclusively that foreign insurers gearing up to enter China’s pensions businesses

Reuters reported exclusively that foreign insurers including Generali and Prudential Plc are in early talks with authorities to enter China’s private pensions sector, as Beijing opens up to overseas companies. According to Reuters sources, Hong Kong-based AIA Group and Manulife Financial are also considering similar moves. Foreign insurers would compete with eight established Chinese pension insurance firms that dominate the potentially lucrative market, where the fast-greying population is set to produce 250 million people older than 60 by 2020.