Allianz gets nod for full control of China life business

It will become the first wholly foreign-owned life insurance company in China.

Allianz has received approval from the Shanghai Regulatory Bureau of the China Banking and Insurance Regulatory Commission (CBIRC) to have full control of its China life business, making it the first wholly foreign-owned life insurance company in China developed from a joint venture.

The regulatory body has agreed to have the 49% shareholdings owned by CITIC Trust Co., Ltd back to Ltd to Allianz (China) Insurance Holding Co., Ltd. (Allianz China Holding). Upon completion, Allianz China Life will become a 100%-owned subsidiary of Allianz China Holding

"We are very pleased to receive the approval to be the first wholly foreign-owned life insurance company in China developed from a joint venture. Allianz is proud to be the first insurance group to benefit from the opening-up measures announced by the Chinese government. China is an important strategic market, and today's approval puts us in a position to maximize our contribution to the development of China's financial services landscape,” said Sergio Balbinot, board member of Allianz SE and chairman of Allianz China Holding.