Allianz launches fully-owned insurance holding firm in China

Allianz launches fully-owned insurance holding firm in China | Insurance Business

Allianz launches fully-owned insurance holding firm in China

(L-R): Xu Chun Jun, chief executive officer, Allianz Jingdong General Insurance; Solmaz Altin, chief executive officer, Allianz (China) Insurance Holding Company; Oliver Bäte, chairman and chief executive officer of Allianz SE; Sergio Balbinot, chairman, Allianz (China) Insurance Holding Company; Chen Liang, chief executive officer, Allianz China Life Insurance Co.

Allianz has officially opened its fully-owned insurance holding company in China, the first completely foreign-owned one of its type in the market.

The opening ceremony, which was held in Shanghai on January 16, marked the full establishment of the holding company, a statement from Allianz said. This follows the recent business registration with the Shanghai Market Administration and Registration Bureau (SMAR) and earlier regulatory approval from the China Banking and Insurance Regulatory Commission (CBIRC).

Several senior officials from Allianz were in attendance, including Oliver Bäte, chairman and CEO of Allianz SE; Sergio Balbinot, chairman, Allianz (China) Insurance Holding Company; and Solmaz Altin, chief executive officer, Allianz (China) Insurance Holding Company. They were joined by chief executives Chen Liang of Allianz China Life Insurance Co. and Xu Chun Jun of Allianz Jingdong General Insurance, as well as other senior members of the leadership team.

Prior to the ceremony, the Deputy Secretary of Shanghai Municipal Party Committee and Mayor of Shanghai, Ying Yong, met with Bäte and other senior Allianz representatives to reiterate the importance of Sino-German relations and discuss the next stage of Allianz’s growth in the fast expanding Chinese economy.

“I’m delighted to be in Shanghai to celebrate the official opening of the Allianz China Holding Company,” said Bäte. “Today’s launch underlines the positive long-term cooperation between China and Germany, and positions us to play an even greater role in the fastest growing economy in the world.”