Allianz will become the first fully foreign-owned insurance holding company operating in China. The approval comes after the Chinese government decided to boost foreign investments in China, by opening up the financial market and encouraging foreign financial institutions to settle new businesses.
Allianz has been operating in China since 1910s, offering fire and marine insurance solutions in coastal cities. Today Allianz has more than 2,000 employees and its offering services across protection, risk management and asset management.
Allianz (China) Insurance Holding Company Limited will be based in Shanghai, one of the four municipalities of the PRC, and will be led with by Sergio BALBINOT as Chairman of the company and Solmaz ALTIN as Chief Executive Officer.
BALBINOT said that "Allianz is extremely optimistic on China and we are committed to accelerating our growth plans in this strategic market." ALTIN added that "China is a strategically important market for Allianz in the region" and Allianz "will continue to work under the guidance of the regulator to deepen our participation in a more open financial market to support the country's economic growth."
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