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Allianz is set to be wholly foreign firm
Print Edition
Allianz China Life Insurance Co announced yesterday that it has received regulatory approval to become the first wholly foreign-owned life insurance company on the Chinese mainland developed from a joint venture.
Approved by the Shanghai Bureau of the China Banking and Insurance Regulatory Commission, Allianz China Life will transfer the 49 percent owned by CITIC Trust Co to Allianz (China) Insurance Holding Co.
Upon completion, Allianz China Life will become a 100-percent owned subsidiary of Allianz China Holding, and the first wholly foreign-owned life insurance company on the Chinese mainland transformed from a joint venture.
Allianz said it is proud to be the first insurance group to benefit from the opening-up measures implemented by the Chinese government.
For two years, Beijing has been making encouraging announcements about the opening of the financial sector. Limits on foreign ownership of fund management, insurance, and securities firms were lifted in 2020, a year ahead of schedule.
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