On September 5th, it was reported that the Guangdong Regulatory Bureau of the State Financial Supervision Administration approved the shareholder change application of JD Allianz Property&Casualty Insurance Co., Ltd. (hereinafter referred to as "JD Allianz"), agreeing that Allianz SE would transfer its 53.33% equity of JD Allianz to Allianz (China) Insurance Holdings Co., Ltd. (hereinafter referred to as "Allianz China Holdings").
After the transfer is completed, Allianz China Holdings will hold 53.33% of the equity of JD Allianz, and Allianz Insurance Group will no longer directly hold the equity of JD Allianz. It is reported that this marks the further improvement of Allianz Group's strategic layout in the Chinese market, and in the future, it will fully leverage the central management role of Allianz China Holdings in covering insurance related businesses such as life insurance, property insurance, and insurance asset management.
China is one of the most important strategic markets for Allianz Group globally, "said Lin Shuncai, interim head of Allianz China Holdings
It is understood that JD Allianz, formerly known as Allianz Insurance Company Guangzhou Branch, was registered and established in Guangzhou in 2003. It is a branch of Allianz Group established in China to operate property insurance. In January 2010, the Guangzhou branch of Allianz Insurance Company was approved to be transformed into Allianz Property&Casualty Insurance (China) Co., Ltd. In 2018, Allianz Property&Casualty Insurance introduced shareholders such as JD and established a joint venture company, JD Allianz. As of 2023, JD Allianz has accumulated effective premiums exceeding 5.6 billion yuan, with a total asset size of 7.797 billion yuan. Currently, the company has branches in Guangdong (including Shenzhen), Shanghai, Beijing, and Sichuan.
Liang Haijian, general manager of JD Allianz, said, "The completion of the equity transfer of JD Allianz will help further enhance the synergy between the company and other insurance business segments of Allianz in China and optimize management efficiency. JD Allianz will continue to make efforts to combine more than 130 years of risk management experience of Allianz Group with JD's Internet ecological advantages, create a new property insurance model, and strive to become the most trusted insurance service provider."
Allianz China Holdings is a wholly-owned subsidiary of Allianz Insurance Group established in China, and also the first foreign-funded insurance holding company in China. It was officially approved for operation in November 2019. After the completion of the relevant procedures for this transfer, Allianz China Holdings will simultaneously own three subsidiaries: Allianz Life, JD Allianz, and Allianz Asset Management Co., Ltd.