Allianz (ALV.GY) is looking to expand its asset management business on the mainland but still faces many hurdles, the Financial Times reported, citing a senior executive of the German group. Board member for growth markets Werner Zedelius said operating in China’s insurance market is "exceptionally difficult." He said China remains one of the biggest challenges for international insurers. "The market opened rather later and still does not have full and equal access for foreigners," Zedelius said. Allianz, which has a minor stake in ICBC (601398.SH, 1398.HK) and China Pacific Insurance (601601.SH, 2601.HK), shares the same difficulties in accessing a market which is dominated by state-owned firms such as China Life (LFE.NYSE, 601628.SH, 2628.HK) and Ping An (SH.601318, HK.2318).
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