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  • Beijing Review

    ECONOMY

    Jan 30, 2020 4 minutes

    Insurance Debut

    The first wholly foreign-owned insurance holding company in China, Allianz China Holding, opened in Shanghai on January 16.

    The company, fully owned by the Allianz Group, has 2.72 billion yuan ($396.57 million) in registered capital.

    “Today’s launch underlines the positive long-term cooperation between China and Germany, and positions us to play an even greater role in the fastest growing economy in the world,” Oliver Bater, Chairman and CEO of the Allianz Group, said.

    The company’s establishment was approved by the China Banking and Insurance Regulatory Commission in November 2019.

    China has taken a slew of measures to open up the insurance industry, including removing the foreign ownership cap on life insurers since January 1.

    Rising Demand

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