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Allianz, China's first foreign-owned insurance company



(Reuters) – Allianz SE said on Friday that its local Chinese asset management unit had received regulatory approval and would be the first wholly foreign-owned insurance company in the country.

Many foreign financial institutions want to expand their presence on land in China and take advantage of rules that released ownership restrictions for foreign players in asset management, insurance and securities brokerage.

Allianz Insurance Asset Management Co. Ltd. will be headquartered in Beijing and have a registered "In addition to our insurance presence in China, this license strengthens Allianz's ability to deliver a full range of insurance management products and services to the Chinese market," said Sergio Balbinot, Chairman of Allianz (China) Insurance Holding Co.

Allianz said in February that it would also acquire full ownership of its China life insurance business by acquiring a 49% stake in the business that rewards its Chinese joint venture partner Citic Trust.

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