Allianz China General Insurance Raises Capital to CNY220mn

Allianz China General Insurance Company Ltd., a wholly owned China-incorporated subsidiary of Allianz Group, recently won regulatory approval to increase its capital by CNY 20 million to CNY 220 million.

The European insurance giant Allianz in February 2003 opened its Guangzhou branch, which later set up sales service centers in Shenzhen, Dongguan, Foshan and Jiangmen and obtained more than CNY 290 million premiums in 2009. With regulatory approval, Allianz transformed the Guangzhou branch into a subsidiary in July 2010.

Allianz China General Insurance provides all lines of property, liability, marine, engineering and domestic credit insurance, short-term health insurance and accident insurance for domestic and foreign clients.

Allianz also has a life insurance joint venture in China. Allianz China life insurance Co., Ltd. is a 51/49 joint venture between Allianz and CITIC Trust Co., Ltd. with a registered capital of CNY 2 billion. The JV commenced operations in Shanghai on January 25, 1999, marking it the first Sino-European insurance company in China.

It has established eight province-level branches in Shanghai, Guangdong, Zhejiang, Sichuan, Jiangsu, Shenzhen, Beijing and Shandong, and runs over 60 sales service centers around the country.