On November 23, 2018, Germany insurer Allianz SE received first-ever approval by China Banking and Insurance Regulatory Commission for preparatory establishment of foreign-owned insurance holding company. The company, Allianz (China) Insurance Holding Company Limited, will be China's first-ever wholly-owned insurance holding company by a foreign insurer, and will be based in Shanghai. The regulatory approval for establishing the holding company is a positive measure for China's financial and insurance industry to further open up and has important exemplary significance.

Allianz Group was founded in Germany in 1890, which is 128 years ago. In 2017, Allianz is No. 34 on the 2017 Fortune 500 list with a revenue of more than 120 billion euros, becoming the largest insurance group in Europe and one of the largest insurance and asset management service providers in the world. Allianz's presence in China dates back to 1910. At present, it has a number of wholly-owned or partially-owned subsidiaries in China, employing more than 2,000 employees, providing Chinese consumers with comprehensive insurance, risk management and asset management solutions and services. Getting the above-mentioned approval is another important milestone for the development of Allianz in China.

A Dentons Shanghai team provided legal services for this matter. The team consisted of senior partners Chen Feng, Shi Junming and Zhao Bin, and associate Zhu Yan.