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Allianz Insurance Asset Management receives approval to become first wholly foreign-owned insurance asset management company in China

Allianz (China) Insurance Holding Co., Ltd. (“Allianz China Holding”) today announces that Allianz Insurance Asset Management Co., Ltd (“Allianz China IAMC”), has received approval from the China Banking and Insurance Regulatory Commission to be established as the first wholly foreign-owned insurance asset management company in China, with a registered capital of RMB 100 million, headquartered in Beijing.

As one of the first foreign insurance groups to enter the Chinese financial market, the establishment of Allianz China Holding in 2019 is a testament to the significant progress in China’s financial market reform and economic liberalization, which have encouraged foreign firms to invest more in China. The approval of Allianz China IAMC further marks an important milestone in advancing the strategic roadmap of Allianz China Holding, helping it to achieve its long-term growth ambitions in the Chinese market.

Sergio Balbinot, Board Member of Allianz SE and Chairman of Allianz China Holding said: "Allianz is deeply honored to set up the first wholly foreign-owned insurance asset management company. 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. said: "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."

Allianz China IAMC will commence its operations and business license registration procedures in accordance with relevant regulations. It will operate under Chinese laws and regulations, supporting China’s economic development ambitions, asset management industry growth, and innovation. With its innovative products fully integrated in the needs of the local market, Allianz China IAMC aims to provide the best products and services for China’s domestic and foreign clients and contribute towards the dynamic development of China's insurance asset management industry.

Allianz China Holding is the first wholly foreign-owned insurance holding company in China, held by Allianz Group. It received approval from CBIRC in December 2020 for another capital injection of RMB 1.2 billion, and Allianz Group is still the sole shareholder after the capital injection.

About Allianz China Insurance Holding

Allianz (China) Insurance Holding Co., Ltd. is the wholly-owned insurance holding company of Allianz Group, and is also China's first wholly foreign-owned insurance holding company. Allianz China Holding owns 51 percent of Allianz China Life Insurance Co., Ltd. AZCH will continuously develop the existing property and life insurance business, and also plans to leverage Allianz Group's professional experiences in insurance asset management, pension, reinsurance, insurance brokerage, credit insurance, insurance technology, and introduce foreign market innovation experience to fill the gaps in the domestic market.

About Allianz in Asia

Asia is one of the core growth regions for Allianz, characterized by a rich diversity of cultures, languages and customs. Allianz has been present in the region since 1910, when it first provided fire and marine insurance in the coastal cities of China. Today, Allianz is active in 14 markets in the region, offering its core businesses of property and casualty insurance, life, protection and health solutions, as well as asset management. With its more than 36,000 staff, Allianz serves the needs of more than 21 million customers in the region across multiple distribution channels and digital platforms.

The Allianz Group is one of the world's leading insurers and asset managers with more than 100 million[1] private and corporate customers in more than 70 countries. Allianz customers benefit from a broad range of personal and corporate insurance services, ranging from property, life and health insurance to assistance services to credit insurance and global business insurance. Allianz is one of the world’s largest investors, managing around 793 billion euros on behalf of its insurance customers. Furthermore, our asset managers PIMCO and Allianz Global Investors manage more than 1.8 trillion euros of third-party assets. Thanks to our systematic integration of ecological and social criteria in our business processes and investment decisions, we are amongst the leaders in the insurance industry in the Dow Jones Sustainability Index. In 2020, over 150,000 employees achieved total revenues of 140 billion euros and an operating profit of 10.8 billion euros for the group.

These assessments are, as always, subject to the disclaimer provided below.

*Including non-consolidated entities with Allianz customers.

Press contacts

Nora Xu
Allianz China
Noridahwati Razak
Allianz Singapore
Flavia Genillard
Allianz SE
As with all content published on this site, these statements are subject to our cautionary note regarding forward-looking statements:

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Allianz Insurance Asset Management receives approval to become first wholly foreign-owned insurance asset management company in China

Allianz (China) Insurance Holdings Co., Ltd. announces that Allianz Insurance Asset Management Co., Ltd, has received approval from the China Banking and Insurance Regulatory Commission to be established as the first wholly foreign-owned insurance asset management company in China, with a registered capital of RMB 100 million, headquartered in Beijing.