Allianz has secured permission from the China Banking and Insurance Regulatory Commission (CBIRC) to set up a fully-owned foreign insurance holding company in the country.

The Shanghai-based entity, Allianz China Insurance Holding Company Limited, will be China’s first-ever wholly-owned insurance holding company by a foreign insurer.

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Allianz Group chairman and CEO Oliver Bate said: “Allianz is proud to be the first foreign insurer to commence the establishment of a holding company in China – a significant milestone for us to expand our presence in this strategic market.

“Today’s announcement also follows the positive long-term cooperation between China and Germany, allowing our Chinese and international clients to be able to enjoy Allianz’s comprehensive financial and risk management solutions and services, and benefit from the continued growth and liberalisation of China’s financial markets.”

The CBIRC’ approval comes after a number of steps taken by the Chinese government to further open up gates for foreign financial insurance institutions and encourage them to invest in China.

Allianz regional CEO for Asia Pacific George Sartorel said: “China is central to our growth strategy for Asia, this development positions Allianz strongly to combine our global knowledge with deep insights into local consumer and industry needs.

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“We look forward to contributing to the continued development and innovation of China’s fast -growing insurance sector, as well as to better serve Chinese customers and communities.”

The insurer employs around 2,000 people and affiliates in China, and provides a complete range of protection, risk management and asset management solution and services in the country.

The establishment of the Allianz China new holding company is expected to complete in 2019.