Allianz China Life Insurance plans to open a branch in Beijing early next year as part of its march into the north China market, the insurer said yesterday.

 

The joint venture insurer has won regulatory approval from the China Insurance Regulatory Commission and is now preparing set-up arrangements.

 

Beijing has a population of 15.36 million, with the insurance industry accounting for 6.3 percent of the city's economy, according to the insurer's figures.

 

Allianz now has set up six branches in Shanghai, Shenzhen, and provinces of Zhejiang, Jiangsu, Guangdong and Sichuan.

 

The insurer's premium income grew to 2.4 billion yuan (US$323 million) at the end of September. This is double compared with last year's figures.

 

The insurer is aligning itself with more banks and boosting its team of agents from 5,000 in the first half of the year, to 8,000 at the end of September.

 

Allianz China Life was set up in January 1999 by German financial service conglomerate Allianz Group and CITIC Trust & Investment Co.

 

Overseas insurers are quickening their expansion plans for China, the world's fastest growing major economy.

 

(Shanghai Daily November 14, 2007)