(Yicai) Sept. 5 -- Allianz said the German insurer has received the go-ahead from regulators to move its entire stake in a property insurance joint venture with Chinese e-commerce giant JD.Com to its local unit, a move intended to streamline its operations in China.

After the equity transfer is completed, Allianz China Insurance Holding will have a 53.33 percent stake in JD Allianz Property Insurance, the Shanghai-based unit said in a statement yesterday.

The move is an important milestone in the company’s development in China, boosting synergies between Allianz's enterprises in the country and promoting closer collaboration across insurance segments, said Lin Shuncai, acting head of Allianz China.

It also aligns with the broader trend of international businesses optimizing their investments and operational structures in China to leverage local market dynamics and the regulatory environment.

Allianz China, which is wholly owned by Allianz, began operations in November 2019. The stake transfer means it will hold equity in three subsidiaries -- one each in life insurance, property insurance, and asset management -- thereby building a more complete industry chain in the China market.

Allianz initially set up a branch in Guangzhou in 2003, and in 2018 it introduced several new shareholders, including JD.Com. Beijing-based JD owns about 33 percent of JD Allianz, making it the second-largest shareholder.

Last year, JD Allianz had a net profit of CNY30.1 million (USD4.2 million), reversing the previous year's CNY17 million net loss. Premium income grew by 8 percent to CNY5.7 billion (USD803.1 million), with total assets at the end of the year amounting to CNY7.8 billion, according to the firm's annual trading report.

Editors: Dou Shicong, Tom Litting