Center
Allianz allowed to boost capital
By Zhang Fengming (Shanghai Daily)
Updated: 2007-03-29 15:10
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Allianz China Life will boost its registered capital by 82 percent to expand its business in the world's fastest growing major economy.
The insurer, a 50-to-50 joint venture, between Allianz and CITIC Trust & Investment Co, has gained approval to boost its capital to one billion yuan (US$130 million) from 550 million yuan, theChina Insurance Regulatory Commissionsaid on its Website yesterday.
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The venture insurer has big ambitions to deepen its roots in China's life insurance market. The insurer is planning a network expansion and more financial protection product sales this year.
Allianz China Life has established in 15 cities inShanghai,Guangdong,ZhejiangandSichuanprovinces.
A multi-distribution mode played an important role in the insurer's growth, including agent teams, banks, brokers, intermediaries and direct sales.
The Shanghai-based insurer's premium more than quadrupled in 2006 to 1.2 billion yuan. The premium pushed the insurer as the fourth biggest among foreign insurers in China, up from the previous No. 8 position.
China's insurance market is expanding rapidly amid the country's growing economy and the government support on the commercial insurance sector to change a cradle-to-grave social benefits system.
The insurer has more than 4,000 agents and 1,000 bank outlets for bancassurance with 28 sales service centers in China. Through bancassurance, lenders sell policies on behalf of insurers, and in return give banks certain fees for the service.
Allianz China Life was set up in January 1999 by German financial service conglomerate Allianz Group and CITIC Trust & Investment.
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