Allianz (China) Insurance (AZCH) will take full ownership in Allianz China Life Insurance by acquiring the 49% stake which it previously did not own from joint venture partner CITIC Trust.
The deal is subject to receipt of local regulatory approval.
Allianz (China) Insurance is a fully-owned insurance holding company of German insurance group Allianz Group.
According to the German insurer, the deal shows the strong confidence and long-term commitment it has to the Chinese market.
Allianz said that by utilizing its global management experience, advanced digital technology, and brand value, it will help Allianz China Life Insurance to continue offering professional and comprehensive life insurance solutions for local customers in China.
Solmaz Altin – CEO of Allianz (China) Insurance said: “China is on track to become the largest insurance market globally. With today’s announcement, we can ensure a strengthening of Allianz’s local proposition and an eagerness to maximize new business opportunities.
“We look forward to delivering leading financial solutions for the many local consumers in China leveraging our unique experience in life insurance and risk management.”
Allianz (China) Insurance to take full ownership of Allianz China Life added by Pallavi Madhiraju on
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