Allianz opens fully-foreign owned unit

Allianz has received the approval from the China Banking and Insurance Regulatory Commission (CBIRC) to commence operation of China’s first fully foreign-owned insurance holding company. With this, Allianz will strengthen its proposition in the country and position the business to capitalize on the fastest growing economy in the world.

The approval follows a series of measures recently announced by the Chinese government to further open up and encourage investment in China by foreign financial insurance institutions.  It is a great step towards the liberalization of the Chinese financial market.

Based in Shanghai, the Allianz (China) Insurance Holding Company Limited will support the growth ambitions in the country by enhancing Allianz’s strategic and financial flexibility to capture business opportunities, further increase Allianz’s investment and drive long-term success in the market.

As part the announcement, Allianz has named Sergio Balbinot as chairman and Solmaz Altin as chief executive officer of the Allianz (China) Insurance Holding Company Limited.