August 3, 2021

On July 30, Allianz Insurance Asset Management Co., Ltd. received approval from the China Banking and Insurance Regulatory Commission (CBIRC) to be established as the first wholly foreign-owned insurance asset management company in China. The company settled in Beijing China-Germany Industrial Park in the Shunyi Cluster of the China (Beijing) Free Trade Zone International Business Services Area.

According to the approval document, the CBIRC agreed to the opening of Allianz Insurance Asset Management Co., Ltd. The company is registered in Beijing with an initial capital of CNY 100 million. Allianz (China) Insurance Holdings Co., Ltd. invested CNY 100 million and holds 100 percent of the shares in the new entity.

The company's permitted business activities include: managing RMB and foreign currency funds entrusted by the principal; managing and utilizing its own RMB and foreign currency funds; carry out the business of insurance asset management products; providing asset management-related consultation services; engaging in other businesses approved by the CBIRC; and conducting the businesses approved by other departments of the State Council.

Allianz Group is the actual wholly-owned controlling shareholder of Allianz Insurance Asset Management. As the largest insurance company in Europe, Allianz Group has expanded its global reach to 77 countries and regions, providing services to more than 100 million private and corporate customers worldwide. In addition, Allianz Group is one of the world's leading asset management groups. It manages more than 790 billion euros in assets for its insurance clients and 1.7 trillion euros in third-party assets.

(Source: Beijing Youth Daily)