ALLIANZ is in talks with Chinese regulators for a license as the German insurer looks to eventually offer broad asset management services in the world’s second largest economy.

Discussions for a license to manage its own assets in China are at an early stage, said Solmaz Altin, its chief executive in Asia, adding he hoped to launch the business in the first half of 2021.

Altin said Allianz aimed to boost annual revenue growth in Asia by up to 20 percent through 2025.

“We are doubling down on Asia, and we will not stop because of the virus,” he said. “We are actually opening up new businesses in Asia.”

Its revenue in Asia, where it has a presence in 14 countries, grew 104 percent in 2019.

Allianz CEO Oliver Baete has said fund management in China may hold more potential than the insurance business.

The insurer also plans to enter the Vietnam property and casualty market next year, perhaps with a minority equity partner, and is in talks with the regulator, Altin said.

Globally, Allianz oversees assets of more than 2 trillion euros for itself and third parties under the PIMCO and Allianz Global Investors brands.

In China, State-owned China Life manages Allianz assets including life and non-life insurance joint ventures.

(SD-Agencies)