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20 April 2018

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Allianz sells 33% of China unit to for $85mn

Laura Sanicola 16 April 2018

Allianz SE has sold a 33 percent stake in its Allianz China unit to e-commerce giant, according to news reports.

The 536.6mn yuan ($85.6mn) investment remains subject to approval from the China Banking Regulatory Commission, Reuters said today.

If approved and completed, the deal will make the second largest shareholder in Allianz China as the two companies prepare to create a joint venture focused on digital insurance in China, S&P Global said, citing a regulatory filing. spun...

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