Allianz, one of the largest insurance groups worldwide, already has 2,000 employees in China, including at its life insurance joint venture. Photo: Reuters

Allianz wins approval for China’s first wholly-owned foreign insurance holding company – four years earlier than promised by Beijing

  • CBIRC announcement on Sunday comes after Beijing initially announced a five-year wait for removal of cap on foreign ownership in November last year
  • Foreign insurers face uphill battle, must compete with domestic heavyweights
Topic |   Insurance

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Allianz, one of the largest insurance groups worldwide, already has 2,000 employees in China, including at its life insurance joint venture. Photo: Reuters
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