Global insurer Allianz has received approval from the CBIRC to commence operation of China's first fully foreign-owned insurance holding company. With this, Allianz will strengthen its proposition in the country and position the business to capitalise on the fastest-growing economy in the world, the insurer said in a statement.
The approval follows a series of measures recently announced by the Chinese government to further open up and encourage investment in China by foreign financial insurance institutions. It is a great step towards the liberalisation of the Chinese financial market.
Read: China further opens up its insurance and banking sectors to foreign investors
Based in Shanghai, Allianz (China) Insurance Holding Company will support the growth ambitions in the country by enhancing Allianz’s strategic and financial flexibility to capture business opportunities, further increase Allianz’s investment and drive long-term success in the market.
Top appointments
As part of this announcement, Allianz has named Mr Sergio Balbinot as chairman of Allianz (China) Insurance Holding Company and Mr Solmaz Altin as its CEO.
Mr Balbinot said, “Allianz is extremely optimistic on China and we are committed to accelerating our growth plans in this strategic market. The regulatory approval for the holding company is an important landmark for our business and puts us in priority position to maximise on the opening up of the Chinese economy.”
Mr Altin said, “China is a strategically important market for Allianz in the region and today’s announcement underlines that commitment. With the new holding structure in place, we are able to better serve an expanding middle class with our range of financial solutions. Allianz aims to play a larger role in China’s insurance sector and grow with the market. We will continue to work under the guidance of the regulator to deepen our participation in a more open financial market to support the country’s economic growth.”
Allianz has been present in China since the early 1910s, serving customers with fire and marine insurance in its coastal cities. Today, Allianz employs more than 2,000 employees in the country, offering a full suite of services across protection, risk management and asset management.
The approved licence follows preparatory work undertaken by Allianz to meet all regulatory requirements to establish the holding company, with the strong support and guidance of the regulatory authorities throughout.
Further announcements around the establishment of the holding company following registration with the Shanghai Market Administration and Registration Bureau will be made in due course.
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