The Shanghai regulatory bureau of the China Banking and Insurance Regulatory Commission (CBIRC) has approved Citic Trust to transfer its 49% stake in Allianz China Life to Allianz.
Upon completion, Allianz China Life will become a 100% owned subsidiary of Allianz China, and the first wholly foreign-owned life insurance company in China developed from a joint venture.
Sergio Balbinot, board member of Allianz SE and chairman of Allianz China, 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.”
Chunjun Xu, executive director and chief executive of Allianz China Life, added: “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.”
The deal was first announced in February 2021.