Allianz obtains authorization to open a branch in China

Allianz Group has obtained the authorization to create a 100% owned insurance subsidiary in China. This approval is part of the planned opening of the local market to foreign financial institutions. The German group is the first foreign insurer to benefit from such legislation.

As a reminder, Allianz has been established in China for many years through a life insurance joint venture with Chinese Citic where it employs 2,000 people and where it has underwritten 61 million USD during the first three quarters of 2018.

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