Allianz Insurance Asset Management Co., Ltd. recently received the approval from the China Banking and Insurance Regulatory Commission (CBIRC) to open, making it the first approved wholly foreign-owned insurance asset management company in China. The company officially settled in the Sino-Germany International Industrial Cooperation Park in the Shunyi Cluster of the International Business Services Area inside China (Beijing) Pilot Free Trade Zone.

Relevant policy

Official Reply of the State Council on the Working Plan for Deepening a New Round of Comprehensive Pilot Projects of Further Opening up the Service Sector, and Building a National Comprehensive Demonstration Zone for Further Opening-up of the National Service Sector in Beijing (Guo Han [2020] No. 123)

Master Plan for China (Beijing) Pilot Free Trade Zone

Industrial Promotion Policies and Measures of the Shunyi Cluster in China (Beijing) Pilot Free Trade Zone (List of the First Batch)

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Allianz Insurance Asset Management has a registered capital of CNY 100 million. Its actual investor and controlling shareholder, Allianz, is the largest insurance company in Europe with a presence in 77 countries and regions worldwide. It covers all financial sectors and serves more than 100 million individual and corporate customers. Allianz, is also one of the world's largest asset management groups, managing more than EUR 790 billion in assets for insurance clients. The third-party assets it manages are worth a total up to EUR 1.7 trillion. In 2020, Allianz recorded a total revenue of EUR 140 billion and an operating profit of EUR 10.8 billion.

In recent years, by virtue of the Sino-German International Industrial Cooperation Park, the Airport Economic Demonstration Zone, the Tianzhu Free Trade Zone and other platforms, Shunyi District has performed admirably in the development of industrial finance and attracted more than 100 projects. The financial industry has become the third pillar industry of the district after airport economy and automobile manufacturing. The district has nearly 500 high-quality financial institutions and more than 60 banking, securities and insurance institutions. The district has more than 120 public and private funds, with a total of more than CNY 2.4 trillion in funds. It also has more than 100 financial leasing companies.

The Shunyi Cluster is the largest in China (Beijing) Pilot Free Trade Zone, and cross-border finance is one of the seven key areas. As of now, cross-border financial pilot policies for the development of the "Two Zones" have been fully launched. RMB and foreign exchange derivatives dealings for overseas institutions were launched in Beijing. Shunyi is the first district in Beijing to support the simplified issuance of financial bonds by auto finance companies which meet policy conditions. At the same time, 18 key financial projects also settled in Shunyi District. In addition to the opening of the first wholly foreign-owned insurance asset management company in China, Shunyi also has the first wholly foreign-owned third-party payment company, a private equity investment fund of CNY 100 billion, and five institutions funded by investors in Hong Kong, Macao and Taiwan. In the future, the scale of new funds managed by institutions in Shunyi will exceed CNY 400 billion.