Allianz will be the first Life insurance company to operate in China with wholly foreign shareholders. The Shanghai Regulatory Bureau of the China Banking and Insurance Regulatory Commission has authorized Citic Trust to transfer 49% of its stake in Allianz China Life, the joint venture opened in 1999, to Allianz (China) Insurance Holding. «Allianz is proud to be the first insurance group to benefit from the opening 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 the financial services landscape in China ”commented Sergio Balbinot, member of the Board of Allianz and president of Allianz China Holding.
“The transformation of Allianz China Life will further strengthen our market position by maximizing business opportunities,” said Solmaz Altin, Executive Director and Chief Executive Officer of Allianz China Holding. “The company will continue to consolidate its position as a pioneer and leading company in the mid- and high-income customer segment,” said Chunjun Xu, Executive Director and Chief Executive Officer of Allianz China Life.