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’
By Addison Gong
29 Jan 2021
In this round-up, Chinese president Xi Jinping warns of international confrontations from a ‘new cold war’, regulators plan deeper capital market reforms and increased oversight of internet finance platforms, and European insurance giant Allianz receives approval for China’s first fully foreign-owned insurance asset management company.
A ‘new cold war’ will cause divisions and confrontations in the world, Chinese president Xi Jinping said at the World Economic Forum’s virtual annual meeting in Davos this week. His remark was widely interpreted as a warning to the US.
Xi also said that China will continue contributing to the fight against Covid-19 globally, open up the domestic market, and promote sustainable development and development in technology.