Allianz gets first nod to set up wholly-owned unit in China

Germany-based Allianz S.E. has become the first foreign insurer to receive regulatory approval to set up a wholly-owned insurance holding company in Shanghai, South China Morning Post reported. The China Banking and Insurance Regulatory Commission granted the approval four years earlier than promised. Foreign general insurance joint ventures accounted for about 2% of overall market share in China in the first nine months.

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