Allianz gets approval for full control of China life insurance venture

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 said on Wednesday that its Chinese life insurance business had received regulatory approval that will allow it to become the first wholly foreign-owned life insurer in China created from a joint venture.

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

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