Allianz China Life Insurance has received approval from the Shanghai Regulatory Bureau of the China Banking and Insurance Regulatory Commission to become the first wholly foreign-owned life insurance company in China developed from a joint venture.
Yesterday, the regulator approved Allianz’s request to transfer the 49% shareholdings of former joint venture partner CITIC Trust to Allianz China Holding, the German insurance giant’s fully owned insurance holding firm. Allianz China bought out CITIC Trust’s shares in February for an undisclosed sum.
“We are very pleased to receive the approval to be the first wholly foreign-owned life insurance company in China developed from a joint venture,” said Sergio Balbinot, chairman of Allianz China Holding and board member of Allianz SE. “Allianz is proud to be the first insurance group to benefit from the opening-up measures announced by the Chinese government. China is an important strategic market, and today's approval puts us in a position to maximize our contribution to the development of China's financial services landscape.”
“The transformation of Allianz China Life will further strengthen our market position to maximize business opportunities,” said Solmaz Altin, executive director and CEO of Allianz China Holding. “We look forward to delivering holistic and superior financial products and services to a wider Chinese market by leveraging our unique experiences in the life insurance, risk management, and asset management areas.”
