Allianz, China's first foreign-owned insurance asset management firm

(Reuters) - Allianz SE said on Friday that its local Chinese asset management unit had received regulatory approval and would be the first wholly foreign-owned insurance asset management company in the country.

Many foreign financial institutions are looking to expand their onshore presence in China, taking advantage of rules which relaxed ownership restrictions for foreign players in the asset management, insurance and securities broking sectors.

Allianz Insurance Asset Management Co. Ltd. will be headquartered in Beijing and will have a registered capital of RMB 100 million, the statement said.

"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 to the Chinese market," said Sergio Balbinot, Chairman of Allianz (China) Insurance Holding Co.

Allianz said in February it would also acquire full ownership of its China life insurance business by buying the 49% stake in that business beloning to its Chinese joint venture partner Citic Trust.