Wen | Yiping
Editing by | Lu Jia
On November 17, Sino-German Allianz Life Insurance Co., Ltd. ("China-Germany Allianz Life") announced that it had received the approval documents of the Shanghai Regulatory Authority of the China Banking Regulatory Commission to approve the transfer of its 49% stake in Sino-German Allianz Life to Allianz (China) Insurance Holdings Limited ("Allianz China Insurance Holdings"). Upon completion of the transfer, Allianz China Insurance Holdings holds a 100% stake in Sino-German Allianz Life, which became the first life insurance company to convert to a wholly foreign-owned joint venture.
Sergio Balbinot, director of Allianz Group and chairman of Allianz China Insurance Holdings, said China was an important strategic market for Allianz. As one of the first insurance groups to benefit from China's deepening of its financial services opening to the outside world, Allianz will continue to contribute to the sound development of China's financial services.
Xu Chunjun, director and general manager of Sino-German Allianz Life Insurance Co., Ltd., pointed out that Sino-German Allianz Life is confident that by making full use of Allianz Group's rich global management experience, advanced digital technology and strong brand value, it will continue to strengthen its position as a pioneer in the middle and high-end insurance market, inject new vitality into the Chinese life insurance market, and provide more Chinese families with more professional and comprehensive life insurance solutions to meet the insurance needs of Chinese consumers.
It is understood that Sino-German Allianz Life is the first joint venture life insurance company set up in China. It was officially opened in Shanghai in January 1999 with a registered capital of 2 billion yuan. It has 11 provincial branches in Shanghai, Guangdong, Zhejiang, Sichuan, Jiangsu, Shenzhen, Beijing, Shandong, Qingdao, Hubei and Ningbo.
In recent years, regulators have been expanding the opening policy of the financial services industry, and have gradually relaxed the restrictions on the ratio of foreign shares in the financial sector. At the end of 2019, the CBRC issued the Notice of the General Office of the China Banking and Insurance Commission on the Explicit Lifting of the Time Limit on Foreign Share Ratios of Joint Venture Life Insurance Companies, announcing that from January 1, 2020, the foreign investment ratio limit for joint venture insurance companies operating life insurance business will be officially lifted, and the proportion of foreign investment in joint venture life insurance companies will reach 100%.