Allianz gets go-ahead for first wholly foreign-owned insurance firm in China
Germany’s insurance giant Allianz announced on Sunday that it has received approval from the China Banking and Insurance Regulatory Commission to make preparatory work for the country’s first fully foreign-owned insurance company.
The company - Allianz (China) Insurance Holding Company Limited - will be China’s first-ever wholly-owned insurance holding company by a foreign underwriter, and it will be based in Shanghai.
This regulatory approval follows Chinese government’s strong determination to liberalize its financial markets. President Xi Jinping made a pledge at this year’s Boao Forum for Asia that the country will expand the access of foreign players in the market and further open up the financial sector, especially in insurance.
Allianz said that it expects the holding company to be established in 2019, and will work on the necessary preparatory work under the guidance and assistance of the regulatory authorities.
Oliver Bate, Chairman and CEO of the Allianz Group noted that the move marked a significant milestone for them to expand their presence here and they are proud to be the first foreign insurer to commence the establishment of a holding company in China.