The Allianz China Growth Forum, held in Shanghai on Monday, brought together economists and financial experts from China and Germany to discuss the future of insurance and asset management in China’s new economic development pattern.
“We are meeting here today at a time of heightened uncertainty,” said Oliver Baete, Chairman of the Board of Management of Allianz SE, citing a much tougher geopolitical environment, higher inflation and increased pressure from digitalisation.
Despite these challenges, Baete was optimistic about the Chinese insurance market, highlighting the huge opportunities that lie ahead and reaffirming Allianz’s commitment to better serve Chinese customers.
“At the intersection of insurance and wealth management, there’s a lot of room for innovation that we can all catch up on. So there are opportunities and challenges,” said Baete.
“We look forward to working with you, and to working with you for many, many decades to come.”
Renate Wagner, Member of the Board of Management of Allianz SE, highlighted the strategic importance of Asia, and China in particular, to Allianz’s growth. She emphasised the importance of continuous participation, feedback and opinions from partners and customers to ensure sustainable growth in China.
The Forum focused on the current global economic and financial landscape and welcomed industry experts to share their insights.
Ludovic Subran, Chief Economist at Allianz SE, shared valuable insights from the company’s 2023 Global Economy and Wealth Report, highlighting China’s effective control of inflation and the population’s forward-thinking approach to retirement and wealth planning.
Guo Lei, Chief Economist of GF Securities, discussed China’s macroeconomic situation and capital market trends, emphasising the potential of equity investments in achieving sustainable growth.
“China’s economy is gradually emerging from the phase of maximum short-term pressure, with exports, real estate and debt-to-equity swaps currently driving nominal growth. In the long run, the annual compound return on equity assets could be comparable to the nominal GDP growth rate,” Guo believes.
Liu Xinqi, chief analyst at Guotai Junan Securities, presented research on insurance asset-liability matching in the new normal, stressing the need to address challenges such as the mismatch between insurance assets and liabilities, and to adapt business models to meet customer demands. Meanwhile, Zhang Shuaishuai, chief banking analyst at China International Capital Corporation, focused on the pain points in China’s wealth management market and suggested alternative solutions to improve investor returns.
The Forum marked the first comprehensive appearance of Allianz’s business entities in China. It also featured roundtable discussions that delved deeper into corporate ESG strategies and personal wealth management. The discussions aimed to better understand the sustainable development of Chinese companies in the complex international environment and to identify the key drivers for personal asset growth.
