Allianz becomes China's first JV-developed wholly foreign-owned life insurer

Allianz China Life has received regulatory approval to become the first wholly foreign-owned life insurance company in China developed from a joint, it said in statement on 17 November.

Allianz China Life Insurance received approval from the Shanghai Regulatory Bureau of the China Banking and Insurance Regulatory Commission to transfer the 49% shareholdings owned by CITIC Trust to Allianz (China) Insurance.

On completion, Allianz China Life will become a 100%-owned subsidiary of Allianz China Holding, and the first wholly foreign-owned life insurance company in China developed from a joint venture.