Allianz banks on Shanghai unit for growth

German insurer set to tap burgeoning demand in Chinese insurance sector

The opening-up in the Chinese financial industry entered a new phase, with the first wholly-owned foreign insurance holding company, Allianz (China) Insurance Holding, being unveiled in Shanghai on Thursday.

The Germany-based company received official approval in mid-November from the China Banking and Insurance Regulatory Commission (CBIRC) to commence operations of its insurance holding company in Shanghai.

Public information showed that the registered capital of Allianz (China) Insurance Holding reached about 2.7 billion yuan ($392.5 million). Some 2 billion yuan is financed by Allianz SE in Germany.