The CBIRC has approved global insurer Allianz’s transfer of its 23% equity in CPIC Allianz Health Insurance, a joint venture with China Pacific Insurance Group (CPIC Group).
CPIC Allianz Health Insurance thus becomes a wholly-owned subsidiary of the group. Allianz transfers an 8% stake to CPIC Group—which consequently holds 85.051% of the health insurer’s total shares—and the remaining 14.949% to CPIC Life. Allianz’s withdrawal from the health insurer was first announced last November.
The standalone health insurance company, which was established in December 2014 as the first health insurer in the Shanghai Free Trade Zone, started operations in early 2015. CPIC Allianz Health reported profits in 2019 for the first time since its inception, posting a net profit of CNY7.3m ($1.1m) last year.