Global insurer Allianz has entered into definitive agreements over the sale of its 49% stake in CPIC Fund Management Co., Ltd. to Guotai Junan Securities Co., Ltd.
The transaction is subject to the approval of the China Securities Regulatory Commission (CSRC), and other relevant authorities.
The divestment is in line with Allianz’s strategy to focus on its fully owned asset management activities in China.
CPIC Fund Management Co. Ltd. operates as an investment company, it provides asset management, fund management, and other services throughout China.
Guotai Junan Securities Co., Ltd is a comprehensive financial provider with a long-term, sustainable position in the Chinese securities industry.
The news of the sale comes right after the reports of Allianz increasing its property and casualty (P&C) market share in Italy with the acquisition of Tua Assicurazioni from Generali for a cash consideration of €280 million.
