Allianz has officially opened China’s first fully foreign-owned insurance holding company, strengthening its proposition in the country.

The official opening ceremony in Shanghai on January 16 marked the full establishment of the holding company following the recent business registration with the Shanghai Market Administration and Registration Bureau (SMAR) and earlier regulatory approval from the China Banking and Insurance Regulatory Commission (CBIRC).

A senior Allianz delegation were in attendance, including Oliver Bäte, Chairman and Chief Executive Officer of Allianz SE; Sergio Balbinot, Chairman, Allianz (China) Insurance Holding Company; and Solmaz Altin, Chief Executive Officer, Allianz (China) Insurance Holding Company. They were joined by Chief Executives Chen Liang of Allianz China Life Insurance Co. and Xu Chun Jun of Allianz Jingdong General Insurance, as well as other senior members of the leadership team.

Preceding the ceremony, the deputy secretary of Shanghai Municipal Party Committee and Mayor of Shanghai, Ying Yong, met with Oliver Bäte and other senior Allianz representatives to reiterate the importance of Sino-German relations and discuss the next stage of Allianz’s growth in the Chinese economy.

Based in Shanghai, the Allianz (China) Insurance Holding Company Limited will support Allianz’s growth ambitions in the country by enhancing its strategic and financial flexibility to capture business opportunities and further increase Allianz’s investment in the market.

Altin says, “The setup of Allianz China Holding is focused on supporting Allianz’s growth ambitions in Asia and is an exciting moment for our future aspirations in the Chinese market. We have deep connections with China and intend to make further inroads into an expanding economy for the benefit of Chinese customers.”

The official launch follows a series of measures recently announced by the Chinese government to further open up and encourage investment in China by foreign financial insurance institutions.