SHANGHAI / SINGAPORE, 28 January, 2021: Allianz (China) Insurance Holdings Co., Ltd. (hereinafter AZCH) has today announced it has received approval from the China Banking and Insurance Regulatory Commission (CBIRC) of the preparatory establishment of Allianz Insurance Asset Management Co., Ltd. (hereinafter Allianz IAMC).
Allianz IAMC is the first wholly foreign-owned insurance asset management company in China approved for preparatory establishment after the completion of the China-EU Investment Agreement on December 30, 2020. It will also be the first wholly foreign-owned insurance asset management company in the history of the industry once established in Beijing. The approval of the Allianz IAMC preparatory establishment has benefited from the recent measures of China to further open up and encourage foreign insurance companies to invest more in China.
The preparatory establishment of Allianz IAMC, via the platform of AZCH, is a critical strategic move for Allianz Group to enter into the Chinese asset management market, which also demonstrates the strong confidence and long-term commitment of Allianz Group to the China market. As a key component of Allianz’s strategy in China, AZCH will carry out the preparation works of the IAMC preparatory establishment in accordance with Chinese laws and regulations.
On the back of Allianz’s global investment platform and century-old international experience in financial risk management, Allianz IAMC will locally build a professional investment management team, which adheres to the Group’s long-term investment methodology to better serve its clients’ global asset management needs. Allianz IAMC aspires to become the most reliable foreign insurance asset management products and services provider in China.
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 RMB 1.2 billion capital, and Allianz Group is still the sole shareholder after the capital injection.