Allianz China Life to be 100% foreign-owned
Allianz China Life Insurance Co is to become a wholly owned subsidiary of Allianz China Insurance Holding (AZCH). AZCH signed an equity transfer agreement on Friday to acquire 49 percent of the life insurer’ shares from CITIC Trust.
The transaction remains subject to local regulatory approval.
The equity transfer agreement demonstrates the strong confidence and long-term commitment of Allianz Group to the Chinese market, according to a company announcement.
By leveraging its global management experience, advanced digital technology and brand value, Allianz will help the life insurance company continue to provide professional and comprehensive life insurance solutions for a growing number of customers in China.
Sergio Balbinot, board member of Allianz SE and chairman of AZCH, said it had been pursuing 100 percent ownership of the life entity since opening up measures were announced by the Chinese government in 2019.
“China is on track to become the largest insurance market globally. With today’s announcement, we can ensure a strengthening of Allianz’s local proposition and an eagerness to maximize new business opportunities,” said Solmaz Altin, AZCH’s CEO.
Allianz (China) Insurance Holdings Co Ltd, officially launched in January 2020 in Shanghai, is the wholly owned insurance holding company of Allianz Group, and also China's first wholly foreign-owned insurance holding company.