Allianz shifts strategy in China with CPIC stake sale

German insurer  Allianz has decided to sell its 49% stake in CPIC Fund Management “to focus on its fully owned asset management activities in China”.

Allianz SE has entered into definitive agreements to sell the minority stake in CPIC Fund to Chinese investment bank Guotai Junan Securities.

The transaction is subject to the approval of CSRC, and other relevant authorities.

“This step is in line with Allianz strategy to focus on its fully owned asset management activities in China,” the company said in a statement.

Meanwhile, alongside its strategic move in China, Allianz has entered into a  €280 million cash deal to purchase Tua Assicurazioni, a property and casualty (P&C) business from Generali. The acquisition will increase its P&C market share in Italy.

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