Allianz Insurance Asset Management Company (Allianz China IAMC) has received regulatory approval, becoming the first wholly foreign-owned insurance asset management company in China. The company, which has been granted its licence by the China Banking and Insurance Regulatory Commission (CBIRC), will have a registered capital of RMB100 million (SG$21 million), with headquarters in Beijing. Allianz is one of the pioneering foreign insurers in the China market, with the establishment of Allianz China Holding in 2019. According to the global insurance group, the approval of Allianz China IAMC is an important milestone in the strategic roadmap of Allianz China Holding, helping…