Allianz China Life Insurance Co has obtained a preliminary license from the China Insurance Regulatory Commission to begin business in eastern Shandong Province, the insurer said Monday.

The financial environment is challenging, but this will not stop the company's expansion, said Christian Molt, chief executive officer of Allianz China Life. The joint venture has established seven branches with over 60 sales service centers around China.

(Shanghai Daily November 25, 2008)