Allianz Cleared to Take Full Ownership of Life Insurance Venture in China

What’s New: German insurance giant Allianz Group’s China joint venture received approval from China’s insurance watchdog to become the second wholly foreign-owned life insurance company in the country.

Allianz’s wholly owned subsidiary Allianz (China) Insurance Holding Co. Ltd. currently owns 51% of Allianz China Life Insurance Co. Ltd., a joint venture with leading Chinese trust firm Citic Trust Co. Ltd. The Allianz (China) unit will acquire Citic’s 49% stake in the joint venture, the company said Wednesday in a statement.