Allianz Group said Chinese regulators have given their approval for Allianz's insurance holding company in Shanghai to acquire the 49% stake in Allianz China Life Insurance Co. held by its joint venture partner, CITIC Trust Co.
"Upon completion, Allianz China Life will become a 100% owned subsidiary of Allianz China Holding, and the first wholly foreign-owned life insurance company in China developed from a joint venture," according to an Allianz news release issued Wednesday.
Terms of the deal weren't disclosed. A spokeswoman for the firm didn't immediately respond to requests for details.
Sergio Balbinot, chairman of Allianz China Holding, said in the news release that the "approval puts us in a position to maximize our contribution to the development of China's financial services landscape."
Chunjun Xu, executive director and CEO of Allianz China Life, said the company will look to consolidate its position in China's middle- and high-end customer segment.