Allianz (China) Insurance Holding Co., Ltd. (AZCH) and CITIC Trust Co., Ltd. (CITIC Trust) have signed an equity transfer agreement for AZCH to acquire 49 percent of the shares of Allianz China Life Insurance Co., Ltd (AZCL) from CITIC Trust. After the transaction, AZCL will become a wholly-owned subsidiary of AZCH. 

The transaction remains subject to local regulatory approval.

The equity transfer agreement demonstrates the strong confidence and long-term commitment of Allianz Group to the China market. By leveraging Allianz’s global management experience, advanced digital technology and brand value, Allianz will help AZCL continue to provide professional and comprehensive life insurance solutions for a growing number of local customers in China.

Sergio Balbinot, Board Member of Allianz SE and Chairman of AZCH, said: “China is an important strategic market for Allianz Group. Consequently, Allianz has been pursuing the 100 percent ownership of our life entity since the opening up measures were announced by the government in 2019. The signing of the equity transfer agreement today is an important step in the right direction.”

Solmaz Altin, Chief Executive Officer of AZCH, said: “China is on track to become the largest insurance market globally. With today’s announcement, we can ensure a strengthening of Allianz’s local proposition and an eagerness to maximize new business opportunities. We look forward to delivering leading financial solutions for the many local consumers in China leveraging our unique experience in life insurance and risk management.”