Allianz gets full ownership of China life business

It will acquire the remaining 49% stake from Citic Trust.

Allianz will acquire full ownership of its China life insurance business after agreeing to buy the remaining 49% stake it doesn’t already own, reports Reuters.

Through a holding company in China, the insurer will acquire the stake in Allianz China Life Insurance from joint venture partner Citic Trust.

The purchase of the stake comes a month after China and the European Union reached a China-EU Investment Agreement to promote cooperation.

“Allianz has been pursuing the 100% ownership of our life entity since the opening up measures were announced by the government in 2019,” Sergio Balbinot, chairman of Allianz (China) Insurance, was quoted.

The transaction remains subject to regulatory approval, Allianz said. The amount of the deal was not disclosed.

Here’s more from Reuters.