On Friday, Allianz SE, the Munich-headquartered European multinational insurer and financial services provider, had issued a statement saying the German insurance industry megalith would acquire full ownership of its China life insurance venture and that had agreed to purchase a 49 per cent minority stake at its Chinese joint venture aimed at becoming the sole owner of its life insurance business in China, a move that illustrates strong commitment of Allianz Group to its Chinese market.
In point of fact, latest move from Allianz SE, the German insurance industry giant having had €2.268 trillion worth of asset under management to-date, came forth a month after Beijing and Brussels had struck a China-EU Investment Agreement in a bid to promote cooperation while demonstrating China’s commitment to gradually open up its market to global economy.
On top of that, according to Allianz SE’s statement released late in the day, the Munich-based insurer which already owns a majority 51 per cent stake at its China joint venture, Allianz China Life Insurance Co., would purchase a minority 49 per cent stake in the JV from its Chinese joint venture partner Critic Trust.
Surprisingly, it has been only a month since Allianz SE had received a regulatory approval to set up the first entirely foreign-owned insurance and asset management company in China.
Allianz SE to acquire full ownership of China JV
In tandem, while being asked over the financial terms of the deal, neither Allianz SE nor Critic Trust had commented over the subject-matter, however, adding that the deal would be subjected to regulatory approval, Chairman of Allianz China Insurance Holding Co., Sergio Balbinot said in a statement, “Allianz has been pursuing the 100% ownership of our life entity since the opening up measures were announced by the government in 2019.
” Meanwhile, expressing a through-and-through optimism over the deal, the German insurer was quoted saying in a statement “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. ”