Source: asiainsurancereview.com

Allianz Insurance Asset Management (Allianz China IAMC) has received license from the CBIRC to be established as the first wholly foreign-owned insurance asset management company in China.

The new company has a registered capital of CNY100m ($15.5m), and is headquartered in Beijing. The approval of Allianz China IAMC marks an important milestone in advancing the strategic roadmap of Allianz China Holding, helping it to achieve its long-term growth ambitions in the Chinese market, says Allianz in a statement.

With its innovative products fully integrated into the needs of the local market, Allianz China IAMC aims to provide the best products and services for China’s domestic and foreign clients and contribute towards the dynamic development of China’s insurance asset management industry.

Mr Sergio Balbinot, board member of Allianz SE and chairman of Allianz China Holding said: “In addition to our insurance presence in China, this licence strengthens Allianz’s capabilities in delivering a holistic suite of insurance asset management products and services in the Chinese market.”