SINGAPORE / SHANGHAI / BEIJING, 26 July, 2021: Allianz (China) Insurance Holding Co., Ltd. (“Allianz China Holding”) today announces that Allianz Insurance Asset Management Co., Ltd (“Allianz China IAMC”), has received approval from the China Banking and Insurance Regulatory Commission to be established as the first wholly foreign-owned insurance asset management company in China, with a registered capital of RMB 100 million, headquartered in Beijing.
As one of the first foreign insurance groups to enter the Chinese financial market, the establishment of Allianz China Holding in 2019 is a testament to the significant progress in China’s financial market reform and economic liberalization, which have encouraged foreign firms to invest more in China. The approval of Allianz China IAMC further marks an important milestone in advancing the strategic roadmap of Allianz China Holding, helping it to achieve its long-term growth ambitions in the Chinese market.
Sergio Balbinot, Board Member of Allianz SE and Chairman of Allianz China Holding said: "Allianz is deeply honored to set up the first wholly foreign-owned insurance asset management company. In addition to our insurance presence in China, this license strengthens Allianz’s capabilities in delivering a holistic suite of insurance asset management products and services in the Chinese market. We express our sincere gratitude to the Chinese government and regulatory authorities for their continued support as we establish a new pillar under Allianz’s wholly owned Insurance Holding Company."
Solmaz Altin, CEO, Allianz China Holding. said: "The establishment of Allianz China IAMC is a key step for Allianz’s overall growth strategy in China. Allianz China IAMC will focus on growing in the local market to become one of the most trusted foreign insurance asset management products and services provider, drawing on Allianz's global expertise and resources, thus creating value for Chinese investors and customers."
Allianz China IAMC will commence its operations and business license registration procedures in accordance with relevant regulations. It will operate under Chinese laws and regulations, supporting China’s economic development ambitions, asset management industry growth, and innovation. With its innovative products fully integrated in the needs of the local market, Allianz China IAMC aims to provide the best products and services for China’s domestic and foreign clients and contribute towards the dynamic development of China's insurance asset management industry.
Allianz China Holding is the first wholly foreign-owned insurance holding company in China, held by Allianz Group. It received approval from CBIRC in December 2020 for another capital injection of RMB 1.2 billion, and Allianz Group is still the sole shareholder after the capital injection.