Allianz has received approval from the China Banking and Insurance Regulatory Commission (CBIRC) for the preparatory establishment of an insurance holding company in China.
The company, Allianz (China) Insurance Holding Company, will be China’s first-ever wholly-owned insurance holding company by a foreign insurer, and will be based in Shanghai, according to a corporate statement.
The firm is expected to be established in 2019.
Allianz said that the move is part of its long-term commitment to China by enhancing its strategic and financial flexibility to capture business opportunities and drive long-term success in the market. Allianz has served the Chinese market since the early 1910s.
The regulatory approval follows a series of measures recently announced by the Chinese government to further open up and encourage investment in China by foreign financial insurance institutions.
Oliver Bäte, CEO Allianz Group said: “Allianz is proud to be the first foreign insurer to commence the establishment of a holding company in China - a significant milestone for us to expand our presence in this strategic market,"
"Today’s announcement also follows the positive long-term cooperation between China and Germany, allowing our Chinese and international clients to be able to enjoy Allianz’s comprehensive financial and risk management solutions and services, and benefit from the continued growth and liberalization of China’s financial markets.”
George Sartorel, regional CEO for Asia Pacific, Allianz, commented: “China is central to our growth strategy for Asia, this development positions Allianz strongly to combine our global knowledge with deep insights into local consumer and industry needs. We look forward to contributing to the continued development and innovation of China’s fast-growing insurance sector, as well as to better serve Chinese customers and communities."