Allianz China Life to become wholly-owned subsidiary of Allianz China Insurance Holding

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.

allianz china life insurance

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.”

About Allianz China Insurance Holding

Allianz (China) Insurance Holdings Co., Ltd. is the wholly-owned insurance holding company of Allianz Group, and is also China's first wholly foreign-owned insurance holding company. 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 122 million* 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 706 billion euros** on behalf of its insurance customers. Furthermore, our asset managers PIMCO and Allianz Global Investors manage about 1.7 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 among the leaders in the insurance industry in the Dow Jones Sustainability Index. In 2022, over 159,000 employees achieved total revenues of 152.7 billion euros and an operating profit of 14.2 billion euros for the group***.
* Including non-consolidated entities with Allianz customers.
** As of September 30, 2023.
*** As reported – not adjusted to reflect the application of IFRS 9 and IFRS 17.

Press contacts

Nora Xu
Allianz China
Sean Ottley
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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