Published: 5:55pm, 25 Nov, 2018 Updated: 10:58pm, 25 Nov, 2018
The China Banking and Insurance Regulatory Commission has given German insurer Allianz approval to set up the first wholly foreign-owned insurance holding company operating in the country. Last year, China stated that a 51% cap on foreign ownership at insurance firms would be in place for the next five years. Allianz's announcement demonstrates this restriction has been lifted earlier than expected. In an interview with Deutsche Welle, Allianz CEO Josef Ackermann said he was "delighted" by China's decision to lift its ban on foreign ownership. The lifting of restrictions will allow foreign companies to compete with domestic insurers in a sector where premiums are expected to rise 14% annually.