Allianz, a provider of insurance, banking and asset management products, has announced that its subsidiary Allianz Life Insurance Japan has been granted an insurance license by the Japanese Financial Services Agency to start selling variable annuity products from April 1, 2008.

Allianz already provides property and casualty insurance, asset management and banking services in Japan. With this move, Allianz will broaden the scope of its business in the Japanese insurance market.

Uwe Michel, chairman and representative director of Allianz Life Japan, said: We are looking forward to offering Japanese customers a wide range of products. I am sure that by leveraging our global expertise, Allianz will be building a long-term sustainable business in Japan.