Based in Shanghai, the China holding company will support the German insurer’s growth ambitions in the country as it aims to play a larger role in China’s insurance sector and grow with the market.
Global insurer Allianz has opened China’s first fully foreign-owned insurance holding company, the firm announced in a statement on Thursday.
Allianz (China) Insurance Holding Company will be led by chairman Sergio Balbinot and CEO Solmaz Altin. The firm said it hopes the establishment of the company will support Allianz’s growth ambitions in China by enhancing its strategic and financial flexibility to capture business opportunities, further increase Allianz’s investment and drive long-term success in the market.
Allianz received the approval from the China Banking and Insurance Regulatory Commission (CBIRC) to commence operations in November 2019. The launch 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.