Allianz China Life has been granted a preliminary license by the China Insurance Regulatory Commission to set up a branch in 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. This is the third provincial license Allianz China Life was granted in 2007.
Christian Molt, CEO of Allianz China Life, 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.