Global insurer Allianz has opened China’s first fully foreign-owned insurance holding company.
Based in Shanghai, it’s hoped the company will support Allianz’ growth ambitions in the country by enhancing its strategic and financial flexibility.
Its opening follows recent business registration with the Shanghai Market Administration and Registration Bureau and earlier regulatory approval from the China Banking and Insurance Regulatory Commission.
Deputy Secretary of Shanghai Municipal Party Committee and Mayor of Shanghai, Ying Yong, met with Alianz Chairman and CEO Oliver Bäte and other senior Allianz representatives after the company’s launch to reiterate the importance of Sino-German relations moving forward.
“I’m delighted to be in Shanghai to celebrate the official opening of the Allianz China Holding Company,” said Bäte.
“Today’s launch underlines the positive long-term cooperation between China and Germany, and positions us to play an even greater role in the fastest growing economy in the world.”
Sergio Balbinot, Chairman, Allianz (China) Insurance Holding Company, noted, “This is an important moment for our business, both in Asia and globally. We look ahead with confidence knowing we are well-placed to serve our Chinese and international clients with leading financial and risk management solutions and services.”
Solmaz Altin, CEO, Allianz (China) Insurance Holding Company, added, “The setup of Allianz China Holding is focused on supporting Allianz’s growth ambitions in Asia and is an exciting moment for our future aspirations in the Chinese market.
“We have deep connections with China and intend to make further inroads into an expanding economy for the benefit of Chinese customers.”