Allianz鈥檚 asset management firm approved
Allianz (China) Insurance Holdings said it has received approval from the China Banking and Insurance Regulatory Commission for preparatory establishment of the Allianz Insurance Asset Management Co.
Allianz IAMC is the first wholly foreign-owned insurance asset management company in China to be approved for preparatory establishment after the signing of the China-EU Investment Agreement on December 30 last year.
With registered capital of 100 million yuan (US$15.4 million), it will also be the first wholly foreign-owned insurance asset manager in the history of the industry once it is established in Beijing.
The approval benefited from recent measures to further open up and encourage foreign insurance companies to invest more in China, Allianz said yesterday.
The preparatory establishment of Allianz IAMC marks a critical strategic move for Allianz group to enter the Chinese asset management market, and also demonstrates the insurance giant鈥檚 confidence in and long-term commitment to China.
As a key component of its strategy in China, Allianz will carry out the preparatory work in accordance with Chinese laws and regulations, according to the company.
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