Allianz (China) Insurance Holding to acquire a 49% stake in Allianz China Life Insurance from CITIC Trust.

Allianz (China) Insurance Holding, a Chinese subsidiary of insurance giant Allianz, agreed to acquire a 49% stake in Allianz China Life Insurance, an insurance brokerage firm, from CITIC Trust, a private equity firm. Financial terms were not disclosed. “China is on track to become the largest insurance market globally. With today’s announcement, we can ensure a strengthening of Allianz’s local proposition and an eagerness to maximize new business opportunities. We look forward to delivering leading financial solutions for the many local consumers in China leveraging our unique experience in life insurance and risk management," Solmaz Altin, AZCH CEO.