Allianz gets nod to form wholly-owned China subsidiary

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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

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Enterprise Information &Stock Quotes

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Record-high insurtech funding tops SG$9 billion in 2020

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Insurtechs brought in US$2.1 billion across 103 deals in the fourth quarter, with 67% of the funds attracted by property/casualty-focused firms, according to the report. Life & health insurtechs had a decrease of 1.6 percentage points for the quarter.

Willis Towers Watson took note of several fourth-quarter fundraisings exceeding US$100 million by later-stage companies such as Hippo, Unqork, Waterdrop, Oscar Health, Bind Benefits, and Newfront Insurance, who amassed US$1.1 billion collectively. 

Meanwhile, early-stage deals declined to 47% of the total from 57% in the third quarter of 2020. Mid-stage Series B or C deal flow increased to make up 29%

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AXIS Capital stung by losses in Q4 and full-year 2020

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Operating loss for the 12-month period, meanwhile, stood at US$174 million. In 2019, AXIS Capital enjoyed an operating income of US$213 million.

Similarly, the firm’s quarterly numbers also took a beating, with net loss attributable to common shareholders in Q4 reaching US$5 million – a better showing, though, compared to the same three-month span in 2019 when the net loss was double at US$10 million.

The operating loss in the fourth quarter of 2020 was US$16 million, which is a huge decline compared to the US$4 million operating income recorded in the final quarter of 2019.

AXIS Capital president and

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