Allianz (China) Insurance Holding (AZCH) and CITIC Trust have signed an equity transfer agreement for AZCH to acquire 49% of the shares of Allianz China Life Insurance (AZCL) from CITIC Trust.
After the transaction, AZCL will become a wholly-owned subsidiary of AZCH. The transaction remains subject to local regulatory approval.
The equity transfer agreement demonstrates the strong confidence and long-term commitment of Allianz Group to the China market, according to a statement by AZCH. By leveraging Allianz’s global management experience, advanced digital technology and brand value, Allianz will help AZCL continue to provide professional and comprehensive life insurance solutions for a growing number of local customers in China.
Mr Sergio Balbinot, board member of Allianz SE and chairman of AZCH, said in the statement, “China is an important strategic market for Allianz Group. Consequently, Allianz has been pursuing the 100% ownership of our life entity since the opening up measures were announced by the government in 2019.”