The German insurance giant Allianz Group’s current China joint venture got the go ahead from China’s insurance watchdog to become the country’s first wholly foreign-owned life insurance company, reports Caixin. Allianz’s wholly owned subsidiary Allianz (China) Insurance Holding currently owns 51% of Allianz China Life Insurance, a joint venture with leading Chinese trust firm Citic Trust. The Allianz (China) unit will acquire Citic’s 49% stake in the joint venture, the company said Wednesday in a statement.
China is an important strategic market, and the approval puts Allianz in position to maximize its contribution to China’s financial services landscape, Allianz (China) Chairman Sergio Balbinot said in the statement.
Allianz received approval in January from China’s insurance watchdog to set up the first wholly foreign-owned insurance asset management firm in the country, Allianz Insurance Asset Management.