Allianz China Life Approved for Reinsurance Transactions

Allianz China Life Insurance Co. Ltd, a joint venture between Germany's Allianz S.E. and China’s CITIC Trust & Investment Co. Ltd., won regulatory approval to conduct reinsurance transactions with its German parent.

The China Insurance Regulatory Commission said the insurer is allowed to engage in reinsurance-related transactions Allianz between now and Dec. 31, 2008.

In June, Allianz China Life announced its official business launch in Beijing, marking the company’s first business expansion to northern China after its successful establishment in both the Yangtze River Delta and Pearl River Delta commercial regions in the eastern and southern China, respectively.

Allianz China Life said it achieved premium business of more than 800 million yuan in the first quarter of 2008, a growth rate of over 60% compared to a year earlier. It also said it established a strong business network in China, with a sales team of more than 10,000 agents and around 2,000 bank outlets selling its products in six provinces and metropolitan areas during the first half of this year.

By the end of March, the company established 48 sales service centers in more than 20 cities including Zhejiang, Sichuan, Shenzhen and Ningbo, and claimed positive business performances in those cities.

In 2007, Allianz China Life said it earned premium income of more than 3 billion yuan, ranking it among the top five foreign insurers in China.

(By Rebecca Ng, Hong Kong news editor: [email protected])