Allianz China Life approved to enter Beijing

The approval to enter Beijing marks the beginning of Allianz China Life’s march to China’s North after completing its business network setup in the Pearl River and Yangtze Deltas. Currently Allianz China Life has business operations in Shanghai, Guangdong, Zhejiang, Sichuan, Shenzhen and Jiangsu, the branch which just celebrated its opening in October. This is the third provincial license Allianz China Life was granted in 2007.

Beijing, China's capital, has a population of 15.36 million, with per capita GDP of 45,652 yuan (about 4,400 euros) in 2006.  Last year, Beijing’s insurance premium income reached 41.15 billion yuan (about four billion euros), accounting for 6.3 percent of the city's economy. According to CIRC’s third-quarter data, the Beijing insurance market ranks No. 3 nationwide.

Allianz China Life CEO Christian Molt said, "For all insurers in China, Beijing is not only a market of huge potential and fierce competition, but of strategic importance. For Allianz China Life, Beijing will become a hub for further penetration of the Northern market."

Beijing is not entirely new ground for Allianz China Life. As early as 1994, Allianz Group established a representative office in Beijing, and the headquarters of CITIC Trust, the Chinese shareholder of Allianz China Life, are also located in Beijing. "Both shareholders have a good local footing, which will definitely help establish a business network in Beijing. We are looking forward to providing Allianz China Life’s professional insurance products and services for more customers in Beijing in the near future," said Christian Molt.