Allianz Insurance Asset Management, part of the global insurer’s business in China, is set to become the first wholly foreign-owned company of its kind to secure approval from the county’s Banking and Insurance Regulatory Commission.
Headquartered in Beijing with registered capital of RMB 100 million, Allianz China IAMC will commence its operations and business license registration procedures in accordance with relevant regulations, with its innovative products fully integrated in the needs of Allianz SE.
The company’s aim will be to provide the best products and services for China’s domestic and foreign clients and contribute towards the dynamic development of the country’s insurance asset management industry.
It’s also hoped the move will advance the strategic roadmap of Allianz China by helping it achieve its long-term growth ambitions in the the region.
“Allianz is deeply honored to set up the first wholly foreign-owned insurance asset management company,” said Sergio Balbinot, Board Member of Allianz SE and Chairman of Allianz China.
“In addition to our insurance presence in China, this license strengthens Allianz’s capabilities in delivering a holistic suite of insurance asset management products and services in the Chinese market.
“We express our sincere gratitude to the Chinese government and regulatory authorities for their continued support as we establish a new pillar under Allianz’s wholly owned Insurance Holding Company.”
Solmaz Altin, CEO, Allianz China Holding, added, “The establishment of Allianz China IAMC is a key step for Allianz’s overall growth strategy in China.
“Allianz China IAMC will focus on growing in the local market to become one of the most trusted foreign insurance asset management products and services provider, drawing on Allianz’s global expertise and resources, thus creating value for Chinese investors and customers.”