Allianz Insurance has announced to the public the first fully owned insurance company established in China.

As approved by the China Banking and Insurance Regulatory Commission (CBIRC), Allianz’s new expansion will allow it to benefit greatly from the fastest growing economy in the world, as well as enabling China to profit from investment from foreign financial institutions.

The new company is to be called Allianz (China) Insurance Holding Company and will be based in Shanghai.

According to Sergio Balbinot, newly elected Chairman of the holding company, while commenting says: “The regulatory approval for the holding company is an important landmark for our business and puts us in priority position to maximise on the opening up of the Chinese economy.”

Similarly, Solman Altin, CEO of Allianz Insurance Holding Company, explained that the announcement underlines Allianz commitment to China as a strategically important market.

“With the new holding structure in place, we are able to better serve an expanding middle class with our range of financial solutions. Allianz aims to play a larger role in China’s insurance sector and grow with the market. We will continue to work under the guidance of the regulator to deepen our participation in a more open financial market to support the country’s economic growth,” he explains.