China's first foreign-owned life insurance firm from JV OK'd

Allianz China Life Insurance Co Ltd has received approval from the Shanghai Regulatory Bureau of the China Banking and Insurance Regulatory Commission to transfer the 49 percent shareholdings owned by CITIC Trust Co Ltd to Allianz (China) Insurance Holding Co Ltd.

Upon completion, Allianz China Life will become a 100 percent owned subsidiary of Allianz China Holding, and the first wholly foreign-owned life insurance company in China developed from a joint venture.

"We are very pleased to receive approval to be the first wholly foreign-owned life insurance company in China developed from a joint venture," said Sergio Balbinot, board member of Allianz SE and chairman of Allianz China Holding.

"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."

Solmaz Altin, executive director and chief executive officer of Allianz China Holding, said: "The transformation of Allianz China Life will further strengthen our market position to maximize business opportunities."

According to Xu Chunjun, executive director and chief executive officer of Allianz China Life, the company will continue to consolidate its position as a pioneer and vital player in the middle- and high-end customer segment, providing professional and comprehensive life insurance solutions for a growing number of Chinese customers.