Allianz (China) Insurance Holding Co., Beijing, said Friday that it has won regulatory approval to launch the first wholly foreign-owned insurance asset management company in China.
The license to set up Beijing-based Allianz Insurance Asset Management Co. Ltd. "strengthens Allianz's capabilities in delivering a holistic suite of insurance asset management products and services in the Chinese market," said Sergio Balbinot, chairman of Allianz (China) Insurance Holding, in a news release.
The asset management company "will work to continue developing the existing property and life insurance business," leveraging Allianz's experience in insurance asset management, pension, reinsurance, insurance brokerage, credit insurance and insurance technology, a spokeswoman said in an email.
The new entity will have registered capital of 100 million yuan ($16 million).
Established in 2019, Allianz (China) Insurance Holding was the first wholly foreign-owned insurance company on the mainland.
