Allianz, the German insurance, is set to acquire full ownership of its China life insurance business after agreeing to buy the 49% stake it does not already own in its Chinese joint venture.
In a statement issued by the German insurance company, it said it will acquire the minority stake in Allianz China Life Insurance Co through a Chinese joint venture partner Citic Trust, as China is set to become the largest insurance market globally.
“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. We look forward to delivering leading financial solutions for the many local consumers in China leveraging our unique experience in life insurance and risk management said Solmaz Altin, Chief Executive Officer of AZCH
The purchase of the stake comes a month after China and the European Union reached a China-EU Investment Agreement to promote cooperation.
Sergio Balbinot, chairman of Allianz (China) Insurance Holding Co said Allianz will leverage its global management experience, advanced digital technology and brand value, to provide professional and comprehensive life insurance for a growing number of customers in China, as it has been pursuing the 100% ownership of our life entity since the opening up measures were announced by the government in 2019
However, the transaction is subject to regulatory approval and the amount of the deal was not disclosed in the statement.