China's first wholly foreign-funded insurance holding company opens in Shanghai


(Photo: AP)

SHANGHAI, Jan. 16 (Xinhua) -- China's first wholly foreign-owned insurance holding company, Allianz China Holding, opened in Shanghai on Thursday.

The insurance company, fully owned by Allianz Group, has 2.72 billion yuan (about 392 million U.S. dollars) 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," said Oliver Bater, chairman and CEO of Allianz Group, at the opening ceremony.

"This is an important moment for our business, both in Asia and globally," said Sergio Balbinot, chairman of Allianz China Holding.

The company's application for establishment was approved by the China Banking and Insurance Regulatory Commission in November 2019 as the country has taken a slew of measures to open up the insurance industry, including removing the foreign ownership cap on life insurers since Jan. 1.