Allianz is considering ways to expand its asset management business in China but the country’s insurance market remains “exceptionally difficult”, the German group’s top executive for the region says.
The comments by Werner Zedelius, board member for growth markets at the world’s largest insurer by market capitalisation, reflect the slow progress by foreign insurers in winning business in China amid fierce local competition.
By contrast, India, Asia’s other huge emerging market in terms of population, had been Allianz’s “biggest success as a greenfield rollout” since a joint venture started with the Bajaj group in 2001 and generated €2bn ($2.6bn) of annual premiums, Mr Zedelius said.
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