Allianz boss has high hopes for China business

Allianz boss Oliver Bäte sees wealth management for customers in China as a great opportunity for his company. Chinese investors would have to diversify their investments, the head of the German insurance group told Bloomberg TV at an event in Singapore. "I think we can make a big contribution here."

The manager had already made positive comments to the media about China's future in October. In other sectors and in German politics, the dependency of the local economy on China is currently being discussed intensively.

Allianz is active in the fund business with its subsidiaries Pimco and Allianz Global Investors (AGI). In China, the Dax group is the first foreign company to operate a local insurer in full ownership.

According to earlier information, the management believes that China is well on the way to becoming the largest insurance market in the world and has already announced that it will use the development to expand its business there. China announced opening up to foreign investors in this area in 2019.

Bäte also has private pensions in mind in China. "Germany has a cost-effective occupational pension system and if China gives us access to a similar system, we are interested," he said. "The company pension system saves costs for employees."

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