Global insurer not altering investment plans in China despite pandemic

China's first wholly foreign-owned insurance holding company Allianz, which received approval to open in Shanghai this January, does not see the COVID-19 pandemic significantly affecting its investment plans in the country

According to Allianz regional CEO for Asia Pacific Solmaz Altin who was being interviewed by local news platform JieMian, the pandemic has not weakened his firm’s growth ambitions in the China market.

Allianz will instead be doubling its efforts in Asia and has taken greater steps in China to better serve the market, he said.

Mr Altin was talking about the impact of the COVID-19 pandemic on the insurance industry and Allianz’s future development in China market during the interview. He also said that Asia has always been the growth engine of Allianz and the insurer is very optimistic about the development prospects of the Asia market.

"We are also in a favorable position to seize market opportunities and will continue to enhance our market performance,” he said. However, he noted that the insurer will not return to the old model of doing business.

“The new digital process that filled the gap during this COVID-19 period will continue to exist and play a major role in insurance provision and purchase. New innovations will be applied,” he said. Mr Altin emphasised that the impact of the pandemic strengthened insurance awareness among the public which led to them seeking medical insurance and financial protection when they cannot return to work.

“We already have a strong market performance in China. So far, we have provided Chinese customers with a comprehensive range of products from life, property, pension insurances to asset management,” he said. He shared that Allianz’s goal is to integrate all existing insurance entities in China into a holding structure to give play to potential synergies and expand business scope and governance capabilities.

“Through the holding company, we will further expand our business in China, including exploring into other vertical industries, such as insurance asset management and possibly other product lines in the future,” he said.

Source: Asia Insurance Review