Allianz China Life Insurance Co. has received regulatory approval to become the first wholly foreign-owned life insurance company in China developed from a joint venture. The firm received approval from the Shanghai Regulatory Bureau of the China Banking and Insurance Regulatory Commission to transfer the 49% shareholding owned by CITIC Trust Co to Allianz China Holding. Upon completion, Allianz China Life will become a 100%-owned subsidiary of Allianz China Holding.
Sergio Balbinot, Board Member of Allianz SE and Chairman of Allianz China Holding, said: “We are very developed from a joint venture. The 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.”
Solmaz Altin, Executive Director and Chief Executive Officer of Allianz China Holding, said: “The transformation of Allianz China Life will further strengthen our market position to maximize business opportunities. 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.”
Chunjun Xu, Executive Director and Chief Executive Officer of Allianz China Life, said: “Allianz China Life will fully leverage the group’s global experience in managing life insurance, advanced digital technology, and pursuing strong brand value. The company will continue to consolidate its position as a pioneer and vital player in the middle and high-end customer segment, providing professional and comprehensive life insurance solutions for a growing number of Chinese customers.”