It looks like London-headquartered life insurer and asset manager Legal & General Group Plc has its eyes set on the world’s most populous country.
In an interview with The Telegraph, group chief executive Nigel Wilson described China’s demographics as “compelling” for Legal & General, specialties of which include pension risk transfer.
“In pensions management we do lots of things that they don’t do,” Wilson told the publication, which reported that a possible expansion by the company into the East wouldn’t be via insurance but likely through a fund management tie-up.
“We were ambitious, but it was British ambition,” the CEO was quoted as saying. “Now we have to be more globally ambitious.” According to Wilson, there’s no shortage of growth opportunities at Legal & General. “We’re looking at our options right now,” he confirmed.
Earlier this month, Legal & General reported a £1.07 billion profit after tax for the first half of 2021. The figure was a leap from the £290 million posted in the same period last year.