Allianz China General Insurance OKed to Set up Branch

The CIRC (China Insurance Regulatory Commission) announced on February 8 that it had approved the application of Allianz China General Insurance Company Ltd. to set up a branch in Shanghai.

The branch company is restricted to operate business within the administrative area of Shanghai municipality.

Headquartered in Guangzhou, Allianz China General Insurance is a foreign-owned corporate insurance company solely invested by Germany-based financial group Allianz SE. Before restructuring, the company was referred to as the Guangzhou branch of Allianz that was established in 2003. The Guangzhou branch has set up marketing service departments in cities like Shenzhen, Dongguan, Foshan and Jiangmen, harvesting more than CNY 290 million premium in 2009.

Germany-based Allianz SE has also co-founded Allianz China life insurance with CITIC Trust. The life insurance subsidiary officially opened for business in January 1999 and is the first joint-ventured life insurance company approved to set up in Mainland China, in which Allianz SE holds a 51% stake.