In line with its strategy to create a nationwide presence in China, Allianz China Life has expanded its life insurance business into Zhejiang province.

The new branch was opened in the eastern city of Hangzhou and is the first opening since CITIC Trust and Investment became Allianz’s new joint venture partner in late 2005.

At the opening ceremony an Allianz spokesperson reiterated the company’s dedication to growth in China and its desire to become one of the country’s leading insurance and financial service providers.

Su Jiqing, deputy chairman of Allianz China Life, said: Our partnership combines the best of international risk management from Allianz and CITIC Trust’s local capital management and financial know-how. We are confident that the company will grow rapidly to become a leading joint venture life insurer with an extensive multi-channel distribution to serve our clients in Zhejiang.