Allianz to set up foreign-owned asset management firm

Allianz (China) Insurance Holdings Co., Ltd.  (AZCH) has announced it has received approval from the China Banking and Insurance Regulatory Commission (CBIRC) of the preparatory establishment of Allianz Insurance Asset Management Co., Ltd. (Allianz IAMC).

Allianz IAMC is the first wholly foreign-owned insurance asset management company in China approved for preparatory establishment after the completion of the China-EU Investment Agreement. It will also be the first wholly foreign-owned insurance asset management company in the history of the industry once established in Beijing.

As a key component of Allianz’s strategy in China, AZCH will carry out the preparation works of the IAMC preparatory establishment in accordance with Chinese laws and regulations.

It received approval from CBIRC last December to inject another MYR1.2 billion capital, and Allianz Group is still the sole shareholder after the capital injection.