The 2024 Paris Olympics are highly anticipated, and behind each intense competition, there is an 'invisible hand' that holds up a protective umbrella for the Olympic athletes. As a global insurance partner for the Olympic and Paralympic Games, Allianz provides innovative and comprehensive insurance solutions to ensure comprehensive protection. At the Shanghai leg of the Paris Olympic Qualification Series, Allianz (China) Insurance Holding Co., Ltd. immersed itself in escorting the event and formed an "Olympic Watch Team" to cheer for the preliminaries; The Allianz Commercial Insurance team of JD Allianz has provided "dual protection" of team accident insurance and commercial comprehensive liability insurance for more than 400 participants in the Shanghai Qualification Competition; Its life insurance subsidiary, Allianz Life, kicked off its brand event "Fast Passion Season" in the second quarter of this year, preparing for the Paris Olympics in advance. In order to better promote Olympic values, Allianz Life also organized an interactive segment with the audience at the men's and women's street skateboarding finals, allowing more people to experience the charm of sports.
At the beginning of 2020, Allianz (China) Insurance Holding Company opened in Pudong, becoming the first foreign-owned insurance holding company in China. The establishment of Allianz (China) Insurance Holding Co., Ltd. is a result of the Shanghai Pilot Free Trade Zone's deepening efforts to promote the opening up of the financial services industry to the outside world. This not only further enhances the level and competitiveness of Shanghai International Financial Center, but also marks an important milestone in the opening up of China's financial industry to the outside world.
For many years, the company has relied on Allianz Group's rich global management experience, advanced digital technology, and strong brand value to inject new vitality into the Chinese life insurance market, providing more professional and comprehensive life insurance solutions for more Chinese families and meeting the insurance needs of Chinese consumers.
The first wholly foreign-owned insurance holding company in China
Allianz Group (hereinafter referred to as "Allianz Group") is one of the world's leading financial services groups, providing insurance and asset management solutions globally, with over 142000 employees serving more than 92 million customers in more than 80 countries and regions around the world. Allianz Group is one of the world's top three property and liability insurers, with life and health insurance businesses ranking among the top five globally, and is also one of the world's top five asset management companies.
Due to the limitation of foreign equity ratio in the financial industry at that time, Sino German Allianz Life Insurance Co., Ltd. was first established in January 1999 as a joint venture between Allianz Group and CITIC Trust Co., Ltd. Its headquarters is located in Pudong, Shanghai. Currently, it has set up 11 provincial-level branches in Shanghai, Guangdong, Zhejiang and other places, and conducts business in nearly 40 cities.
In recent years, the Shanghai Pilot Free Trade Zone has continued to make attempts and breakthroughs in the field of financial services, hoping to attract more high-quality foreign financial institutions to settle down. In April 2018, President Xi Jinping announced a major measure at the Boao Forum for Asia in Hainan to "significantly relax market access for the financial industry". The Shanghai Municipal Government and local financial regulatory authorities immediately took action, actively playing the role of "leading by example, pioneering by innovation and development", and further expanding opening up to the outside world.
Allianz Group responded quickly and officially expressed its intention to establish a wholly-owned insurance holding company in China to the Shanghai Municipal Government in April 2018. In May of the same year, the Shanghai Municipal Government officially included this intention in the first batch of financial industry opening-up projects and submitted it to the State Council and the China Banking and Insurance Regulatory Commission. In July, Allianz Group officially submitted its application for establishment to the China Banking and Insurance Regulatory Commission and received approval for its establishment on November 23. After nearly a year of preparation work, Allianz (China) Insurance Holdings Limited (hereinafter referred to as "Allianz China Insurance Holdings") obtained the opening approval from the China Banking and Insurance Regulatory Commission in November 2019 and completed registration. The registered capital is 2.718 billion yuan, fully owned by Allianz Group, becoming the first foreign-owned insurance holding company in China.
The financial sector continues to expand its openness
In November 2021, Sino German Allianz Life Insurance Co., Ltd. (hereinafter referred to as "Sino German Allianz Life") announced that it had received approval from the Shanghai Regulatory Bureau of the China Banking and Insurance Regulatory Commission, approving CITIC Trust Co., Ltd. to transfer its 49% equity in Sino German Allianz Life Insurance to Allianz (China) Insurance Holdings Co., Ltd. After the transfer, Allianz China Insurance Holdings holds 100% equity of Sino German Allianz Life, making Sino German Allianz Life the first life insurance company in China to convert from a joint venture to a wholly foreign-owned enterprise.
As one of the first insurance groups to benefit from the deepening of the opening up of the financial services industry in the Shanghai Free Trade Zone, it will help strengthen the position of Allianz Group in the Chinese market, seize more new business opportunities, and continue to consolidate its position as a pioneer in the mid to high end insurance market with its unique experience in insurance operation, risk management, and asset management. It will inject new vitality into the Chinese life insurance market, provide more professional and comprehensive corporate life insurance solutions for Chinese families, and meet the insurance needs of Chinese consumers.
As the first wholly foreign-owned insurance holding company in China and the first Sino German joint venture to convert to wholly foreign-owned life insurance company in China, Allianz (China) Insurance Holding Co., Ltd. is a significant foreign investment project that further expands the opening up of the Shanghai Pilot Free Trade Zone. It is another important milestone in the opening up of China's financial industry and will help Allianz Group play a greater role in China. At the same time, it has played a positive leading and exemplary role in the launch and promotion of other foreign investment projects, and will further enhance the level and competitiveness of Shanghai International Financial Center.
(Source: Pudong Release)
