Allianz China Life has obtained approval from the Chinese regulator. “We are proud to be the first insurance group to benefit from the opening measures announced by the Chinese government”, commented Sergio Balbinot, Board Member of Allianz SE and Chairman of Allianz China Holding.
Allianz will be the first Life insurance company to operate in China with wholly foreign shareholders. The Shanghai Regulatory Bureau of the China Banking and Insurance Regulatory Commission has authorized Citic Trust to transfer 49% of its stake in Allianz China Life, the joint venture opened in 1999, to Allianz (China) Insurance Holding. Upon completion of the transfer, Allianz China Life will become a wholly owned subsidiary of Allianz China Holding, and the first wholly foreign-owned life insurance company to operate in China, developed as a joint venture.
“Glad of approval”
Sergio Balbinot, Board Member of Allianz SE and Chairman of Allianz China Holding said: “We are very pleased to receive approval to operate as the first fully foreign-owned life insurance company in China, originally developed as a joint venture. Allianz is proud to be the first insurance group to benefit from the opening 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 the financial services landscape in China “.
Solmaz Altin, Executive Director and Chief Executive Officer of Allianz China Holding, commented: “The transformation of Allianz China Life will further strengthen our market position while maximizing business opportunities. We look forward to providing holistic and high-end financial products and services. level to a broader Chinese market, leveraging our unique skills in life insurance, risk management and asset management “.
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 technologies and the constant drive towards brand value. Stronger and stronger. The company will continue to consolidate its position as a pioneer and leading company in the mid- and high-income customer segment, offering professional and comprehensive Life solutions for an increasing number of Chinese customers. “