A subsidiary of the Allianz Group has received permission by Chinese authorities to become the first foreign company to acquire full control of a life insurance company in China, according to a company announcement. Allianz (China) Insurance Holding currently owns 51 percent of Allianz China Life Insurance, according to the statement. The Chinese insurance regulator has now given the company the green light to acquire the remaining 49 percent from Chinese trust company Citic Trust.
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