Munich-based insurance major Allianz is set to purchase the 49% holding it does not already own in Allianz China Life Insurance (AZCL) – its life insurance joint venture (JV) in China.

Under the agreement, Allianz (China) Insurance Holding (AZCH) inked an equity transfer agreement to buy 49% of the shares of AZCL from CITIC Trust.

Related Company Profiles

View all

The agreement will make AZCL a wholly-owned subsidiary of AZCH.

AZCH CEO Solmaz Altin 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 maximise new business opportunities.”

The deal, whose financial terms were undisclosed, awaits regulatory nod.

Allianz said that the move reflects its long-term commitment to the China market.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

Allianz will support AZCL in offering professional and comprehensive life insurance solutions for a local customers in China.

Allianz SE board member and AZCH chairman Sergio Balbinot calls the latest agreement an “important step in the right direction”.

Balbinot noted: “China is an important strategic market for Allianz Group. Consequently, Allianz has been pursuing the 100 per cent ownership of our life entity since the opening up measures were announced by the government in 2019.”

Last month, Allianz secures the regulatory approval to set up a wholly-owned insurance asset management company in China.

The clearance from the China Banking and Insurance Regulatory Commission (CBIRC) came shortly after the China-EU Investment Agreement was inked to improve China-EU ties.

Allianz has been operating in Asia since 1910 and the region is now one of the core growth regions for the firm. Currently, the firm has a presence in 14 markets and caters to more than 21 million customers in the region.

It provides property and casualty insurance, life, protection and health solutions, along with asset management.