The Chinese regulatory authority CIRC has granted Allianz the license to convert Allianz Insurance Company Guangzhou Branch into a subsidiary. This decision marks a milestone for Allianz’ P&C presence in China as the registration of a subsidiary is the major precondition to extend business across provinces.
Werner Zedelius, Board member of Allianz SE responsible for growth markets, said: “Allianz considers China to be one of its three core growth markets globally. This license is an important step for us. In very close cooperation with the Chinese authorities, we will start preparations to launch the subsidiary and subsequently enter new provinces. This will allow us to reach more customers in the vast and rapidly growing Chinese insurance market and to foster Allianz’ position in China.”
Allianz opened its P&C Branch office in Guangzhou in 2003. Besides, Allianz started selling life insurance in China in 1999. Allianz China Life was the first European life insurance joint venture in China. The company has developed to one of the biggest joint venture life insurance companies in China, offering customers all lines of life, health and accident insurance products through a multi-channel distribution system. In asset management, Allianz is present with Guotai Junan Allianz Fund Management, which started activities in 2003, as the first fund management joint venture in China.
