Allianz sets up subsidiary
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Allianz SE received regulatory approval to convert its Guangdong-based non-life insurance branch into a subsidiary to pave way for expansion in China, the insurer said yesterday.
The China Insurance Regulatory Commission granted Allianz the license to convert Allianz Insurance Co Guangzhou into a subsidiary.
It marked a milestone in the firm's property and casualty business on the mainland as the registration of a subsidiary is a precondition to open branches in other provinces, the company said.
"Allianz considers China one of its three core growth markets globally," said Werner Zedelius, an Allianz SE board member responsible for growth markets.
"This will allow us to reach more customers in the vast and rapidly growing Chinese insurance market and to foster Allianz's position in China."
Allianz opened the non-life branch in Guangzhou in 2003. The German insurer also has a life insurance arm in China. Allianz started selling life insurance in China in 1999.
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