Allianz China Holding closes acquisition of Allianz China Life

Allianz China Holding has secured regulatory approval for the acquisition of 49% of the share capital of its joint venture Allianz China Life Insurance.

Until now, this stake has been held by CITIC Trust. The holding company is now the exclusive shareholder of the life insurance company.

This transaction makes Allianz China Life the first fully foreign-owned life insurer in China.