MILAN, Nov. 15 (Class Editori) – Allianz beats the competitors and becomes the first company to receive the approval of the China Banking and Insurance Regulatory Commission to start the operation of the first wholly foreign insurance holding company in China. Headquartered in Shanghai, Allianz (China) Insurance Holding Company Limited will support the growth ambitions in the country of the German insurance group, improving Allianz's strategic and financial flexibility to seize business opportunities, increase investments and promote long-term success on the market.
The role of Sergio Balbinot, chairman of the holding company, was decisive in the transaction alongside CEO Solmaz Altin. The green light by the Chinese authority is a direct consequence of the political change of the last few years started in the country that aims at attracting more financial investments from abroad. Not by chance months ago President Xi Jinping talked about the intention of favoring the access of new foreign operators on the Chinese financial market, in particular the insurance ones. Before, the Chinese State had to own at least 51% of foreign-owned insurance companies and financial services companies. But with this radical change, a wave of international insurers is expected to arrive in China, and Allianz is the first.
"We thank the China Bank and Insurance Regulatory Commission for the constructive guidance provided during the preparation period," said Balbinot. "Allianz is extremely optimistic about China and is committed to accelerating growth plans in this strategic market. The regulatory approval for the holding company is an important reference point for our business and puts us in a priority position to maximize the openness of the Chinese economy". Allianz has been in China since 1910 serving customers with fire and maritime insurance in coastal cities. Today it employs over 2 thousand employees in the country, offering a complete range of services including protection, risk management and asset management.
"China is a strategically important market for Allianz and today's announcement (yesterday for those who read, ed.) underlines this commitment", added Altin. With the new holding structure "we can better serve an expanding middle class with our range of financial solutions. Allianz aims at playing a more important role in the Chinese insurance industry and grow with the market". With this move, Allianz is positioned at the forefront to benefit from the fastest economic growth in the world, namely the Chinese one, was stressed in Munich. (All rights reserved)
(Source:Class Editori)
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