Allianz consolidates assets to increase presence in China

Insurance giant Allianz will accelerate the consolidation of its assets in China to gain a better presence in the country.

The German firm is expected to complete an equity transfer by the end of this year to allow Allianz China Holding become the biggest shareholder of JD Allianz Insurance, a joint venture on Internet insurance set up in 2018 between JD.com and Allianz.

After the transfer, Allianz China Holdings is to own Allianz Life, Allianz Asset Management Co Ltd, and JD Allianz, thereby establishing a more comprehensive service ecosystem in the Chinese market.

"As the first foreign-owned insurance firm on the Chinese mainland, we are committed to understanding market trends and future insights for every Chinese family and wealth manager," Danny Lam, general manager of Allianz China Holding, said at the recent Allianz China Fortune Forum, which brought together economists and financial experts to discuss the future landscape of insurance and asset management.

According to a report released at the forum, China's total personal household financial assets grew by 8.2 percent in 2023 compared with a year earlier, surpassing the global average growth rate of 7.6 percent. The positive performance in China's stock market and resilient economic growth are expected to further boost financial assets in 2024.