The China Banking and Insurance Regulatory Commission has given Allianz official approval for the preparatory establishment of an insurance holding company. This would represent the first 100-per-cent foreign-owned insurance holding company to set up shop in China.
Based in Shanghai, Allianz (China) Insurance Holding Company Ltd is planned to be a cornerstone of Allianz’s expansion strategy for China, a region to which it plans to commit heavily in the long term. As one of the top global insurance markets, China has recently made various moves to open itself up to investment from foreign businesses, so this move is significant both for Allianz and for China itself.
“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,” said Oliver Bate, Group Chairman and CEO of Allianz. “This announcement also follows the positive long-term co-operation 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 liberalisation of China’s financial markets.”
Allianz plans to establish the holding company next year, with regulatory authorities guiding the process.