Allianz Approved as First Foreign-Owned Insurance Asset Manager in China
Allianz (China) Insurance Holding announced that it had received approval from the China Banking and Insurance Regulatory Commission to establish Allianz Insurance Asset Management as the first wholly foreign-owned insurance asset management company in China, with a registered capital of RMB 100 million, headquartered in Beijing.
In 2019, Allianz China Holding was established as the first wholly foreign-owned insurance holding company in China, in line with the country’s financial market reform and economic liberalization. The approval of Allianz China IAMC further marks an important milestone in advancing the strategic roadmap of Allianz China Holding in the Chinese market.
Sergio Balbinot, Board Member of Allianz SE and Chairman of Allianz China Holding, said: “Allianz is deeply honored to set up the first wholly foreign-owned insurance asset management company. In addition to our insurance presence in China, this license strengthens Allianz’s capabilities in delivering a holistic suite of insurance asset management products and services in the Chinese market. We express our sincere gratitude to the Chinese government and regulatory authorities for their continued support as we establish a new pillar under Allianz’s wholly owned Insurance Holding Company.”
Solmaz Altin, CEO of Allianz China Holding, said: “The establishment of Allianz China IAMC is a key step for Allianz’s overall growth strategy in China. Allianz China IAMC will focus on growing in the local market to become one of the most trusted foreign insurance asset management products and services providers, drawing on Allianz’s global expertise and resources, thus creating value for Chinese investors and customers.”
Allianz China IAMC will commence its operations and business license registration procedures in accordance with relevant regulations. It will operate under Chinese laws and regulations, supporting China’s economic development ambitions, asset management industry growth, and innovation. With its innovative products fully integrated in the needs of the local market, Allianz China IAMC aims to provide the best products and services for China’s domestic and foreign clients and contribute towards the dynamic development of China’s insurance asset management industry.