Allianz China Life to expand its business to northern China

Allianz China Life Insurance, the first European life insurance joint venture in China, will soon expand its business to northern China such as Beijing and then Bohai region within three years, the Shanghai-based insurer said today.

The insurer posted last month that it was approved by the China Insurance Regulatory Commission (CIRC) to launch a branch in Nanjing, Jiangsu province, aiming in expand in the Yangtze River Delta. That will be the insurer’s sixth branch in China. In addition, the company also plans to upgrade its other five branches in Shanghai, Guangdong, Zhejiang and Sichuan into subsidiaries.

Allianz China Life gained premiums of as much as RMB 1.3 billion in the first half of this year, which is equivalent to the premiums for all of last tear, and 2.66 times the figure for the first half of 2006.

Allianz China Life Insurance Co., Ltd.. is jointly invested by the German financial service conglomerate Allianz AG and CITIC Trust & Investment Co., Ltd. of China and officially opened in Shanghai on January 25th, 1999.