According to the China Insurance Association, Sino-German Allianz Life Insurance Co., Ltd., a joint venture between Taiping Life Insurance and Allianz Insurance Group of Germany, was formally established in Shanghai on 200 1 and 1. After the merger, Taiping Life Insurance has become one of the eight largest insurance groups in China, and it is also the only insurance company in China that is controlled by a state-owned enterprise at the vice ministerial level. Allianz Insurance Group is the largest insurance company in Europe with a history of over 120 years.