The Chinese arm of the German insurance major Allianz has received a regulatory nod to establish what would be the first wholly foreign-owned insurance asset management firm in China.

The insurer received approval from the China Banking and Insurance Regulatory Commission (CBIRC) to set up Allianz Insurance Asset Management (Allianz China IAMC).

The new unit will be headquartered in Beijing with a registered capital of RMB100m ($15.47m).

Allianz China Holding chairman Sergio Balbinot commented: “Allianz is deeply honoured to set up the first wholly foreign-owned insurance asset management company.

“In addition to our insurance presence in China, this license strengthens Allianz’s capabilities in delivering a holistic suite of insurance asset management products and services in the Chinese market.”

Allianz forayed into the Chinese financial space in 2019 with the launch of Allianz China Holding.

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By GlobalData

Allianz China IAMC will offer products and services for China’s domestic and foreign clients with the aim of accelerating the development of China’s insurance asset management industry.

Allianz China Holding CEO Solmaz Altin said: “Allianz China IAMC will focus on growing in the local market to become one of the most trusted foreign insurance asset management products and services provider, drawing on Allianz’s global expertise and resources, thus creating value for Chinese investors and customers.”

In December last year, Allianz received approval from CBIRC for a capital injection of RMB1.2bn ($185m) into its insurance asset management venture.

In July last year, Allianz Global Investors, the investment management firm of the insurance giant, announced plans to OEIC version of its China A-shares fund, targeted at the UK retail market.