Allianz gets regulatory nod in China

It became the first wholly foreign foreign-owned insurance asset management firm in the country.

Allianz Insurance Asset Management Co., Ltd (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 CN¥100m ($15.47m), headquartered in Beijing.

Allianz said the approval 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.

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. 

"Allianz is deeply honoured 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,” said Sergio Balbinot, board member of Allianz SE and Chairman of Allianz China Holding.