Allianz to set up first fully owned foreign insurance holding company

Allianz recently announced that it 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 Limited – will be China’s first-ever wholly owned insurance holding company by a foreign insurer, and will be based in Shanghai.

This holding structure will anchor Allianz Group’s long-term commitment to China by enhancing its strategic and financial flexibility to capture business opportunities and drive long-term success in the market, stated a press release.

When fully established, Allianz(China)Insurance Holding Company Limited will be strongly capitalised according to its application.

Oliver Bate, chairman and 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.”