Allianz has received approval from the China Banking and Insurance Regulatory Commission (CBIRC) to commence operation of China’s first fully foreign-owned insurance holding company.
The approval follows a series of measures recently announced by the Chinese government to further open up and encourage investment in China by foreign financial insurance institutions.
Based in Shanghai, Allianz (China) Insurance Holding Company will enhance Allianz’s strategic and financial flexibility and further increase Allianz’s investment and drive long-term planning.
In addition, Allianz has named board member Sergio Balbinot as chairman, Allianz (China) Insurance Holding Company and Solmaz Altin, Asia chief executive, as chief executive of the Chinese firm, in addition to his existing role.
Balbinot commented: “The regulatory approval for the holding company is an important landmark for our business and puts us in priority position to maximize on the opening up of the Chinese economy.”
Allianz has been present in China since the early 1910s and employs more than 2,000 employees offering insurance, risk management and asset management.
Further announcements around the establishment of the holding company following registration with the Shanghai Market Administration and Registration Bureau (SMAR) will be made in due course.
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