Allianz in talks to secure insurance asset management licence in China

The logo of Europe's biggest insurer Allianz SE is seen on the company tower at La Defense business and financial district in Courbevoie near Paris, France, March 2, 2016. REUTERS/Jacky Naegelen/File Photo

Allianz is in talks with Chinese regulators for a licence as the German insurer looks to eventually offer broad asset management services in the world’s second-largest economy.

Discussions for a licence to manage its own assets in China are at an early stage, Solmaz Altin, its chief executive in Asia, told Reuters, adding he hoped to launch the business in the first half of 2021.

Hong Kong’s status as a global financial hub faces some uncertainty with the United States moving to eliminate its special status after Beijing announced it would impose a new national security law there.

“It is simply too early to tell what the Hong Kong situation will mean for our existing business or any future business,” Altin said.

“We very much hope that reason will prevail and that we can continue to do business in Hong Kong in a very positive way internationally,” he said.

Altin said Allianz aimed to boost annual revenue growth in Asia by up to 20% through 2025.

“We are doubling down on Asia, and we will not stop because of the virus,” he said. “We are actually opening up new businesses (in Asia).”

Its revenue in Asia, where it has a presence in 14 countries, grew 104% in 2019.

The insurer also plans to enter the Vietnam property and casualty market next year, perhaps with a minority equity partner, and is in talks with the regulator, Altin said.

Globally, Allianz oversees assets of more than 2 trillion euros for itself and third parties under the PIMCO and Allianz Global Investors brands.

In China, state-owned China Life manages Allianz assets including life and non-life insurance joint ventures.

Allianz CEO Oliver Baete has said fund management in China may hold more potential than the insurance business.

Reuters

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.