A first for foreign-owned insurance asset management companies on mainland

Allianz Insurance Asset Management Company (Allianz IMAC) has become the first fully foreign-owned insurance asset management company on the Chinese mainland, after receiving approval from the China Banking and Insurance Regulatory Commission (CBIRC), according to a statement released by the company on Friday.

With a registered capital of 100 million yuan (US$15.5 million), Allianz China IMAC is headquartered in Beijing.

"The approval of Allianz China IMAC marks an important milestone in advancing the strategic roadmap of Allianz China Holding, helping it achieve its long-term growth ambitions in the Chinese market," according to the corporate statement.

Allianz China Holding is the first fully foreign-owned insurance holding company on the Chinese mainland, held by Allianz Group. It received approval from CBIRC last December for another capital injection of 1.2 billion yuan, while remaining the sole shareholder.

"This license strengthens Allianz's ability to deliver a holistic suite of insurance asset management products and services in the Chinese market, in addition to our insurance presence in China," said Sergio Balbinot, board member of Allianz SE and chairman of Allianz China Holding.

"The establishment of Allianz China IAMC is a key step for Allianz's overall growth strategy in China. Allianz China IAMC will focus on growing in the local market, drawing on Allianz's global expertise and resources, thus creating value for Chinese investors and customers," said Solmaz Altin, chief executive officer of Allianz China Holding.

Allianz China IAMC said it will commence operations and business license registration procedures in accordance with relevant regulations.