Germany's Allianz Gets Approval to Establish Insurance Holding in China
26 November 2018 - 9:07PM
Dow Jones News
By Max Bernhard
Allianz SE (ALV.XE) has received Chinese approval to establish
the first completely foreign-owned insurance holding company in the
country.
China's Banking and Insurance Regulatory Commission greenlighted
the German insurer's plans to establish the subsidiary, Allianz
Insurance Holding Company Ltd., Allianz said Sunday. The holding
will be based in Shanghai, it said.
The Chinese government's approval follows a number of measures
it introduced to boost foreign investment by financial insurers,
Allianz said.
"Allianz is proud to be the first foreign insurer to commence
the establishment of a holding company in China--a significant
milestone for us to expand our presence in this strategic market,"
Allianz Chief Executive Oliver Bate said.
Allianz said it expects the holding company will be established
next year. The company is making the necessary preparations "under
the guidance and assistance of the regulatory authorities," it
said.
Write to Max Bernhard at max.bernhard@dowjones.com;
@mxbernhard
(END) Dow Jones Newswires
November 26, 2018 04:52 ET (09:52 GMT)
Copyright (c) 2018 Dow Jones & Company, Inc.
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