Allianz China Life Insurance Co has more than doubled its headcount in China as of the end of this year, its chief executive officer said.

 

The joint venture life insurer now has 1,200 employees, up from 500 at the beginning of this year and doubled its agents to 8,000, said Christian Molt, the chief executive officer of Allianz China Life, in Shanghai.

 

The insurer puts priority in attracting and retaining talent, with management trainee programs being introduced to have more local managers, he said.

 

The insurer plans to open a branch in Beijing early next year. Further expansion is planned in northern China, Molt said, and the next step will be announced early next year.

 

The insurer plans to have a branch in the provinces of Shandong and Hebei, as well as Tianjin, but a timetable was not available.

 

The insurer now has outlets in 20 cities in six provinces.

 

"China is one of Allianz's core strategy markets,'' said Molt.

 

China is now Allianz's fifth biggest market in Asia and will be the fourth biggest next year.

 

"In five years time, it will be interesting to see China rise up the ladder, if not becoming the biggest,'' he said.

 

The insurer's premiums grew to 2.4 billion yuan (US$323 million) at the end of September. Premium income already doubled last year's total.

 

Growth in premiums was mainly derived from the insurer's multi-distribution mode, including agent teams, banks, brokers, intermediaries and direct sales.

 

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

 

(China Daily December 5, 2007)