Allianz China Insurance Holding (ACIH) has agreed to acquire 49% of the shares in its life insurance joint venture with Citic Trust.
After the transaction, Allianz China Life Insurance Company will become a wholly-owned subsidiary of ACIH.
The equity transfer is part of the Allianz Group’s growth plans for the China market and this move will allow Allianz to provide life insurance solutions for “a growing number of local customers in China”.
The deal remains subject to local regulatory approval and the financial terms were not disclosed.
‘Eagerness to maximise’
Solmaz Altin, chief executive of AZCH, said: “China is on track to become the largest insurance market globally.
“With today’s announcement, we can ensure a strengthening of Allianz’s local proposition and an eagerness to maximise new business opportunities.
“We look forward to delivering leading financial solutions for the many local consumers in China leveraging our unique experience in life insurance and risk management.”
