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It ‘is on track to become the largest insurance market globally’
Allianz China Insurance Holding (ACIH) has agreed to acquire 49% of the shares in its life insurance joint venture with Citic Trust.
After the transaction, Allianz China Life Insurance Company will become a wholly-owned subsidiary of ACIH.
The equity transfer is part of the Allianz Group’s growth plans for the China market and this move will allow Allianz to provide life insurance solutions for “a growing number of local customers in China”.
The deal remains subject to local regulatory approval and the financial terms were not disclosed.
‘Eagerness to maximise’