First wholly foreign-owned insurance holding company gains momentum in Pudong

The robust growth of Allianz (China) Insurance Holdings Company in Pudong New Area, Shanghai, demonstrates how China (Shanghai) Pilot Free Trade Zone has further expanded opening-up and represents the openness of China's financial industry to the rest of the world.

The company, a wholly-owned insurance holding company under Allianz Group in Germany, commenced business in early 2020, following approval from the China Banking and Insurance Regulatory Commission in November 2019, and completed its registration with a registered capital of 2.718 billion yuan ($374 million). It became the first wholly foreign-owned insurance holding company in China.

The company's founding marks a significant achievement in the opening up of financial services within the Shanghai FTZ. This move not only elevates the capabilities and competitiveness of Shanghai as an international financial center but also marks an important milestone in China's efforts to open up its financial sector.

Over the years, leveraging Allianz Group's rich global management experience, advanced digital technologies, and strong brand value, the company has injected new vitality into the Chinese life insurance market. It aims to provide more professional and comprehensive life insurance solutions for Chinese families, meeting the evolving insurance needs of Chinese consumers.

In recent years, the Shanghai FTZ has been actively exploring and breaking new ground in the financial services sector, aiming to attract more high-quality foreign financial institutions.