Allianz China Life (AZCL) continues its regional expansion in the Chinese market. The company was granted a preliminary license by the China Insurance Regulatory Commission to start business in the Shandong province. Shandong is already the eighth province in which Allianz is active. "Allianz China Life continues to expand in China. The financial environment is challenging, but this will not stop our expansion. We see great potential in Shandong. We are sure that Allianz' financial strength, high solvability, and the high levels of security we provide will convince many new customers to choose our products", said Christian Molt, CEO of AZCL.
Allianz China Life approved to establish Shandong branch
The joint venture has established seven branches with over 60 sales service centers around China. After expanding its sales network to the Pearl River Delta in the South and Yangtze River Delta on China's east coast, AZCL also started moving into western China and north China in recent years. Shandong would be the second provincial branch AZCL has set up at northern Chinese market, after its Beijing branch opened in June 2008.
Up to now, AZCL has developed a sales force of over 13,000 agents and cooperated with more than ten bank partners. By end of the third quarter, the company ranked fourth among international insurers in terms of revenue.
Christian Molt: "We are very confident in developing our business in the Shandong market"
Jinan, capital of Shandong, will be the location of the new branch office of Allianz China Life
Strengthened presence in northern market
Shandong plays an important role in the national economy, especially in the north. With a population of 93 million, the province achieved GDP of 2588.77 billion renminbi (approximately 379 billion US dollars) in 2007, ranking second nationwide. The insurance industry in Shandong has developed very well and placed fifth in China for the first nine months of 2008.
"Considering the strong economy and great potential of insurance market in Shandong, we are very confident in developing our business in the Shandong market. Currently we are recruiting talents from multi-channels – based on our principles of diversity and cultural suitability - and aim to build a competent team that is familiar with our high life insurance standards," Christian Molt added.
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