Sergio Balbinot, Board Member of Allianz SE and Chairman of Allianz China Holding, said: "We are very pleased to receive the approval to be the first wholly foreign-owned life insurance company in China developed from a joint venture. Allianz is proud to be the first insurance group to benefit from the opening-up measures announced by the Chinese government. 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."
Allianz China Life has received regulatory approval to become the first wholly foreign-owned life insurance company in China developed from a JV
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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. We look forward to delivering holistic and superior financial products and services to a wider Chinese market by leveraging our unique experiences in the life insurance, risk management, and asset management areas.”
Chunjun Xu, Executive Director and Chief Executive Officer of Allianz China Life, said: "Allianz China Life will fully leverage the group’s global experience in managing life insurance, advanced digital technology, and pursuing strong brand value. 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.”
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.
About Allianz
The Allianz Group is one of the world's leading insurers and asset managers with around 125 million* private and corporate customers in nearly 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 741 billion euros** on behalf of its insurance customers. Furthermore, our asset managers PIMCO and Allianz Global Investors manage about 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 among the leaders in the insurance industry in the Dow Jones Sustainability Index. In 2023, over 157,000 employees achieved total business volume of 161.7 billion euros and an operating profit of 14.7 billion euros for the group.
* Including non-consolidated entities with Allianz customers.
** As of June 30, 2024.
** As of June 30, 2024.
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Flavia Genillard
Allianz SE
Allianz SE
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