Allianz Group officially opened Allianz (China) Insurance Holding Co. Ltd., China's first fully foreign-owned insurance holding company, Insurance Business Asia reported.

The Shanghai-based holding company has 2.72 billion yuan in registered capital, Xinhua News Agency reported earlier in January.

The launch follows the recent business registration with the Shanghai Market Administration and Registration Bureau and regulatory approval from the China Banking and Insurance Regulatory Commission.

As of Jan. 16, US$1 was equivalent to 6.88 Chinese yuan.