First fully foreign-owned insurance firm authorized

China has approved the operation of Allianz (China) Insurance Holding Co Ltd, the first fully foreign-owned insurance holding company in the country, marking a major step toward the liberalization of domestic financial markets.

Based in Shanghai, the company announced on November 14 it received authorization from the China Banking and Ins u r anc e Regulatory Commission to begin operations, which the company said will enhance its strategic and financial flexibility to capture business opportunities, further increase its investment and drive long-term market success.

"The regulatory approval for the holding company is an important landmark for our business and puts us in priority position to maximize on the opening up of the Chinese economy," said Sergio Balbinot, the company's chairman.

The approval follows a series of measures announced by the government to further open up the country's financial ma rket s and encour age investment by foreign financial institutions.

The State Council's Financial Stability and Development Commi t tee announced in July that China will remove foreign ownership caps for futures companies, securities firms and fund houses by 2020, a year earlier than scheduled.

T h e a c c e l e r a t i o n o f the opening up of Chinese financial markets will bring multiple benefits to foreign investors and the financial sector, analysts said.

Wang Guojun, a finance professor at the University of International Business and Economics, said, "By setting up a fully foreign-owned insurance holding company in China, foreign insurers can explore more business opportunities in research, investment, product design and customer service and compete with domestic insurance groups."

Solmaz Altin , c h i e f executive off i c e r o f t h e company, said, "With the new holding structure in place, we are able to better serve an expanding middle class with our range of financial solutions."

 

First fully foreign-owned insurance firm authorized

China has approved the operation of Allianz (China) Insurance Holding Co Ltd, the first fully foreign-owned insurance holding company in the country, marking a major step toward the liberalization of domestic financial markets. Based in Shanghai, the company announced on November 14 it received authorization from the China Banking and Ins u r anc e Regulatory Commission to begin operations, which the company said will enhance its strategic and financial flexibility to capture business opportunities, further increase its investment and drive long-term market success. The regulatory approval for the holding company is an important landmark for our business and puts us in priority position to maximize on the opening up of the Chinese economy, said Sergio Balbinot, the companys chairman. The approval follows a series of measures announced by the government to further open up the countrys financial ma rket s and encour age investment by foreign financial institutions. The State Councils Financial Stability and Development Commi t tee announced in July that China will remove foreign ownership caps for futures companies, securities firms and fund houses by 2020, a year earlier than scheduled. T h e a c c e l e r a t i o n o f the opening up of Chinese financial markets will bring multiple benefits to foreign investors and the financial sector, analysts said. Wang Guojun, a finance professor at the University of International Business and Economics, said, By setting up a fully foreign-owned insurance holding company in China, foreign insurers can explore more business opportunities in research, investment, product design and customer service and compete with domestic insurance groups. Solmaz Altin , c h i e f executive off i c e r o f t h e company, said, With the new holding structure in place, we are able to better serve an expanding middle class with our range of financial solutions.