Allianz China Life is now present in one of China's wealthiest and most dynamic provinces. With its huge market potential and consumption power, Jiangsu Province has become a key investment destination for many German companies. This sixth Allianz China Life branch completes its network in the Yangtze River delta.
The province’s GDP reached a record 2.1 trillion yuan in 2006 (more than 200 billion euros), the 15th consecutive year of double-digit growth. Per capita GDP now stands at about 2,500 euros. Jiangsu with its capital Nanjing (Nanking) has the largest insurance industry among the 36 Chinese provinces, with a total premium income of 40.8 billion yuan (4.8 billion euros) in the first eight months of 2007.
Allianz China Life opens Jiangsu branch
Develop market presence
At the opening ceremony, Bruce Bowers, the Regional Chief Executive Officer for Allianz’s insurance operations in Asia, said: "The new branch is evidence of our commitment to developing our presence in the Chinese market."
Given Jiangsu's market potential, Allianz China Life is confident about its expansion into the province. Christian Molt, Allianz China Life CEO, said: "The opening of the Jiangsu branch makes Allianz one of the leading international companies in Jiangsu. Jiangsu plays a key role in our strategy for the Yangtze River Delta area."
Christian Molt: "Jiangsu plays a key role in our strategy"
Contribution to growth
"We have a great team which combines international and local knowledge and experience," said Mr. Yang Jianjun, General Manager of the new branch. "We've been highly successful in other Chinese regions and we are confident of replicating these successes in Jiangsu."
Mr. Li Jinfu, Director of the Jiangsu Bureau of China Insurance Regulatory Commission, adds: "Allianz China Life is a capable, well-established insurance company. We expect and believe that the opening of the Jiangsu Branch will further contribute to the healthy growth and development of the local insurance market. At the same time, we sincerely hope that Allianz China Life’s future success in Jiangsu will serve as a strong boost to its business as a whole."
The "Germany Esplanade" pavilions present Germany at its best
Showcase Germany
At the same time, Allianz is presenting itself in Nanjing in a different way: The pavilion exhibition "Germany Esplanade" showcases Germany at its best, as a cosmopolitan "land of ideas". In its Mini Allianz Arena, the company is demonstrating how innovative financial solutions can help people be prepared for new challenges, such as demographic change or climate-related risks. The esplanade will travel to six Chinese cities.Allianz is one of five official partners of the three-year German-Chinese campaign "Germany and China – Moving ahead together", organized by the German Federal Foreign Office in cooperation with the Asia-Pacific Committee of German Business, the Goethe Institute and the initiative "Germany – land of ideas". The German Federal President Horst Köhler and the Chinese president Hu Jintao have jointly assumed the patronage to present a comprehensive image of Germany in China.
Allianz presents itself in the Mini Allianz Arena
About Allianz China Life
Headquartered in Shanghai, Allianz China Life is a joint venture between Allianz and CITIC Trust. Thanks to the success of its multi-distribution and national expansion strategy, the company achieved a premium income of 1.2 billion yuan or approximately 120 million euros in 2006, representing a growth rate of 300 percent compared to the previous year. In the first half of 2007, it collected gross written premiums to the tune of those attained for the whole year of 2006.
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