Allianz Insurance Asset Management Company (Allianz China IAMC) has received regulatory approval, becoming the first wholly foreign-owned insurance asset management company in China.
The company, which has been granted its licence by the China Banking and Insurance Regulatory Commission (CBIRC), will have a registered capital of RMB100 million (SG$21 million), with headquarters in Beijing.
Allianz is one of the pioneering foreign insurers in the China market, with the establishment of Allianz China Holding in 2019. According to the global insurance group, the approval of Allianz China IAMC is an important milestone in the strategic roadmap of Allianz China Holding, helping it to achieve its long-term growth ambitions in the Chinese market.
In December 2020, Allianz China Holding received approval from CBIRC for a capital injection of RMB1.2 billion, with Allianz Group remaining the sole shareholder after the capital injection.
“Allianz is deeply honoured to set up the first wholly foreign-owned insurance asset management company,” said Sergio Balbinot, board member of Allianz SE and chairman of Allianz China Holding.
“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.”