Allianz SE has received Chinese approval to establish the first completely foreign-owned insurance holding company in the country.
China’s Banking and Insurance Regulatory Commission greenlighted the German insurer’s plans to establish the subsidiary, Allianz Insurance Holding Company Ltd., Allianz said Sunday. The holding will be based in Shanghai, it said.
The Chinese government’s approval follows a number of measures it introduced to boost foreign investment by financial insurers, Allianz said.
“Allianz is proud to be the first foreign insurer to commence the establishment of a holding company in China–a significant milestone for us to expand our presence in this strategic market,” Allianz Chief Executive Oliver Bate said.
Allianz said it expects the holding company will be established next year. The company is making the necessary preparations “under the guidance and assistance of the regulatory authorities,” it said.