Foreign-owned insurers in China break new ground

With the recent establishment of Germany’s Allianz Insurance Asset Management in China – the country's first wholly foreign-owned insurance asset management firm – experts believe that other foreign insurers will keep the ball rolling with China-based expansions on both the insurance business and asset management sides. On July 30, Allianz Group's Allianz Insurance Asset Management had received approval from the China Banking and Insurance Regulatory Commission (CBIRC) to establis…