Allianz Insurance Asset Management Co Ltd (Allianz China IAMC) has received approval from the China Banking and Insurance Regulatory Commission to be established as the first wholly foreign-owned insurance asset management company in China, with a registered capital of 100 million yuan (US$15.48 million).

Headquartered in Beijing, Allianz China IAMC will start its operations and business licence registration procedures in accordance with relevant regulations. It will operate under Chinese laws and regulations, supporting China’s economic development ambitions, asset management industry growth, and innovation, the company says.

The approval of Allianz China IAMC further marks an important milestone in advancing the strategic roadmap of Allianz China Holding, helping it to achieve its long-term growth ambitions in the Chinese market, according to the company.

Sergio Balbinot, board member of Allianz SE and chairman of Allianz China Holding, says: "Allianz is deeply honoured to set up the first wholly foreign-owned insurance asset management company. In addition to our insurance presence in China, this licence strengthens Allianz’s capabilities in delivering a holistic suite of insurance asset management products and services in the Chinese market.”

Allianz China Holding says its establishment in 2019 is a testament to the significant progress in China’s financial market reform and economic liberalization. It is the first wholly foreign-owned insurance holding company in the country. It received approval from CBIRC in December 2020 for another capital injection of 1.2 billion yuan.