Allianz to become first fully foreign-owned insurer in China

Allianz to become first fully foreign-owned insurer in China | Insurance Business

Allianz to become first fully foreign-owned insurer in China

Allianz will become the first fully foreign-owned insurer in China, having recently received approval from the China Banking and Insurance Regulatory Commission (CBIRC).

The entity, Allianz (China) Insurance Holding Company Limited, will be based in Shanghai and is expected to be established in 2019. The granting of approval to Allianz is part of the Chinese government’s push to open up the insurance sector and encourage investment from foreign financial institutions.

Allianz has been present in the Chinese market since the early 1910s and has 2,000 employees and affiliates in the country. According to a statement by the Germany-based global insurer, this development is a milestone for the firm in China. It considers China as a key growth market, with premiums expected to rise 14% per annum in the coming decade.

“China is central to our growth strategy for Asia, this development positions Allianz strongly to combine our global knowledge with deep insights into local consumer and industry needs,” said George Sartorel, Allianz’s regional CEO for Asia-Pacific. “We look forward to contributing to the continued development and innovation of China’s fast-growing insurance sector, as well as to better serve Chinese customers and communities.”

Meanwhile, Oliver Bate, chairman and CEO of Allianz Group, said that the announcement “follows the positive long-term cooperation between China and Germany.”