Allianz (China) Insurance Holdings has received approval from the country’s banking and insurance regulator to establish a wholly-owned insurance asset management company.
Known as Allianz Insurance Asset Management Company (Allianz IAMC) and based in Beijing, it will be the first wholly foreign-owned firm of its kind in China. This follows the signing of the China-EU Investment Agreement on December 30, 2020.
According to Allianz, the approval is a result of recent measures by China to further open up the market and encourage foreign insurance companies to ramp up investment in the country. The establishment of Allianz IAMC is critical for