Allianz announces asset management approval
Allianz (China) Insurance Holdings (AZCH) has received approval from the China Banking and Insurance Regulatory Commission (CBIRC) for preparatory establishment of the Allianz Insurance Asset Management Co Ltd, it announced on Thursday.
Allianz IAMC is the first wholly foreign-owned insurance asset management company in China to be approved for preparatory establishment after China and EU completed the investment agreement negotiations on December 30 last year.
With registered capital of 100 million yuan (US$15.4 million), it will also be the first wholly foreign-owned insurance asset manager in the history of the industry once it is established in Beijing.
The approval benefited from recent measures to further open up and encourage foreign insurance companies to invest more in China, Allianz said.
The preparatory establishment of Allianz IAMC marks a critical strategic move for the Allianz group to enter the Chinese asset management market, and also demonstrates the insurance giant’s confidence in and long-term commitment to the China market.
As a key component of Allianz’s strategy in China, AZCH will carry out the preparatory work in accordance with Chinese laws and regulations, the company said.
On the back of Allianz’s global investment platform and century-old international experience in financial risk management, Allianz IAMC will build a professional investment management team locally to better serve its clients’ global asset management needs.
AZCH is the first wholly foreign-owned insurance holding company in China invested by Allianz Group. It received approval from CBIRC last December to inject another 1.2 billion yuan in capital, with Allianz Group still the sole shareholder after the capital injection.