Germany’s Allianz will take full ownership of its China Life Insurance business after agreeing to buy a 49% stake it did not previously hold in its Chinese joint venture, as it will acquire a minority stake in Allianz China Life Insurance Co. from its Chinese partner, Citic Trust, in a move that demonstrates the great confidence and long-term commitment of the Allianz Group to the Chinese market.
The purchase of this stake comes a month after China and the European Union reached a joint investment agreement to enhance cooperation between them, and the company stated that it had been seeking to acquire 100% ownership of its project since the Chinese government announced its opening measures in 2019.
Allianz will use its global management expertise, advanced digital technologies and brand value to provide professional and understandable life insurance to the growing number of its customers in China. The status of the deal is now subject to the approval of the regulatory authorities, and the value of the deal was not disclosed in the company’s statement.
It is reported that last January, Allianz obtained regulatory approval to establish the first Chinese company in Beijing to operate a wholly foreign-owned insurance services project, as the company worked hard to expand its business in the world’s second largest economy.