Allianz Group is pulling out of its health insurance joint venture with China Pacific Insurance (Group) Co. Ltd., Caixin Global reported.

The China Banking and Insurance Regulatory Commission granted approval for the transfer of Allianz's 23% interest in CPIC Allianz Health Insurance Co. Ltd. on Dec. 25.

China Pacific Insurance will hold 85% of CPIC Allianz Health Insurance, with its China Pacific Life Insurance Co. Ltd. subsidiary owning the remaining 15% stake. CPIC Allianz Health Insurance will be renamed CPIC Health following the transfer, according to the report.