Per reporter: Tu Yinghao Per editor: Yi Qijiang
On April 2, the Shanghai Banking and Insurance Regulatory Bureau released the news of approving the qualifications of a number of senior executives of Allianz Life, including the approval of Xu Chunjun's qualifications as a director and general manager of Allianz Life.
In this regard, Allianz confirmed to the "Daily Economic News" reporter that Xu Chunjun will succeed Chen Liang as the director and ceo of Allianz Life Insurance from June 1, 2021. Chen Liang continues to serve as Deputy General Manager and Chief Operating Officer of Allianz China Holdings, and intends to serve as Chairman of allianz Insurance Asset Management Limited, which has been approved for establishment.
It is worth noting that "Anlian" is not only a life insurance company in this personnel replacement. Xu Chunjun was previously the general manager of JD Allianz Property & Casualty Insurance, and at the end of 2020, JD Allianz Property & Casualty issued an announcement that after the second meeting of the fourth board of directors, Xu Chunjun's resignation request was approved and Mao Weibiao was designated as the interim head of the company. On March 30, the Guangdong Banking and Insurance Regulatory Bureau approved Mao Weibiao's qualifications as chairman of JD Allianz Property & Casualty Insurance.
Since being approved to become China's first foreign insurance group, Allianz China Holdings has accelerated its layout in China. In February this year, Allianz Insurance Group was approved to increase the capital of Allianz China Holdings by 1.2 billion yuan, and the current registered capital is 3.918 billion yuan. Allianz China Holdings will also acquire a 49% stake in CITIC Trust, and after regulatory approval, Allianz Life will be converted into a wholly foreign-owned life insurance company.
<h2>"Anlian" executives have been intensively approved for appointments</h2>
On April 2, the Shanghai Banking and Insurance Regulatory Bureau disclosed the appointment of senior executives in various positions of Allianz Life. In addition to the above-mentioned qualifications of Xu Chunjun as a director and general manager of Allianz Life Insurance, he also includes the positions of secretary of the board of directors and assistant general manager. According to the approval of the appointment, Pei Hongqi was appointed as the secretary of the board of directors of Allianz Life Insurance, and at the same time approved the qualifications of Hu Dong, Li Xinxiang, Liu Kai and Hao Yufei as assistant general managers.
The "Daily Economic News" reporter noted that Xu Chunjun, who succeeded Chen Liang as the general manager of Allianz Life Insurance, was previously a general of the property insurance company under Allianz China Holdings.
Xu Chunjun has been the general manager of JD Allianz Property & Casualty Insurance since February 2019. On December 31, 2020, JD Allianz Property & Casualty issued an announcement that Xu Chunjun, a director and general manager of the company, had submitted a written request to resign as a director and general manager, and after the second meeting of the fourth board of directors of the company deliberated and approved, it was decided to approve his resignation request, and his director and general manager positions were terminated from December 31, 2020. After the deliberation and approval of the second meeting of the fourth board of directors, it was decided to appoint Mao Weibiao as the interim head of the company, and the term of office will not exceed three months from January 1, 2021.
According to his resume, Mao Weibiao was born in October 1981, graduated from Nanjing University with a bachelor's degree in mathematics and economics, and is a North American actuary FSA and a chartered financial analyst CFA. He joined Ping An in February 2016 and has served as the general manager of Ping An Health Insurance, the director of the Group's Strategic Development Center, the special assistant to the chairman of the group, and the vice chairman of Ping An Life. On March 30, the Guangdong Banking and Insurance Regulatory Bureau approved Mao Weibiao's qualifications as chairman of JD Allianz Property & Casualty Insurance, and the position of general manager of JD Allianz Property & Casualty Insurance is now vacant.
In the senior management appointment of Allianz Life, pei Hongqi, the secretary of the board of directors, is also from JD Allianz Property Insurance. Pei Hongqi joined JD Allianz Property & Casualty in August 2010 and later served as the company's secretary to the board of directors and head of compliance.
<h2>Allianz China Holdings continues to increase its layout</h2>
Behind the replacement of personnel in "Anlian", the strategic layout of Allianz China Holdings in China has been accelerating.
At the end of 2019, Allianz China Holdings was approved to open for business, becoming the first wholly foreign-owned insurance holding company in China to be approved to open for business. In December 2020, Allianz China Holdings disclosed that it would increase its capital by 1.2 billion yuan, which would be subscribed by Allianz Insurance Group and had no new shareholders. In February this year, the company announced that the capital increase had been approved, and the registered capital increased to 3.918 billion yuan.
While actively replenishing its capital strength, Allianz China Holdings seeks to acquire a greater controlling stake in the life insurance company. At the beginning of this year, the shareholders of allianz Life signed a property transfer agreement, and after the completion of the transaction, Allianz Life will become a wholly-owned subsidiary of Allianz China Insurance Holdings, from a joint venture company to a wholly foreign-owned life insurance company.
With the equity transfer gradually in place, it is worth looking forward to how the development of Allianz Life will be more adapted to localization. It is worth mentioning that Xu Chunjun, who was introduced by Allianz Life insurance, has nearly 20 years of experience in life insurance, health insurance and property insurance operation and management, has worked in the three major insurance institutions in PICC, Ping An and Pacific, and has rich experience in business development, risk control and operation management at multiple levels of insurance institution head offices, provincial companies and prefectural and municipal companies.
After the issuance of the document to remove the restriction on the proportion of foreign investment in joint venture life insurance companies, the China Banking and Insurance Regulatory Commission recently issued the "On Amendments < Detailed Rules for the Implementation of the Regulations of the People's Republic of China on the Administration of Foreign-Funded The decision deletes the restrictive provisions on foreign ownership in the Detailed Implementing Rules, which undoubtedly strengthens the confidence of foreign giants in increasing their layout.
In addition to continuing to exert efforts in the field of life insurance and property insurance, Allianz China Holdings also plans to exert foreign advantages in the field of insurance asset management. In January 2021, Allianz China Holdings initiated the establishment of Allianz Insurance Asset Management, becoming the first wholly foreign-owned insurance asset management company in the industry to be approved for establishment, and the proposed chairman is Chen Liang, the former director and general manager of Allianz Life.
Allianz Group previously said that the preparation for the establishment of Allianz Insurance Asset Management is an important strategic measure for Allianz Group to enter the Chinese asset management market with Allianz China Insurance Holdings as the platform, and will rely on the advantages of Allianz Group's global investment platform and century-old experience in international financial risk management to create a professional local investment management team.
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