Allianz said that it has received a license from the Chinese regulartory authority CIRC, to convert Allianz Insurance Company Guangzhou Branch into a subsidiary, which is expected to extend the company's business in other Chinese provinces.

Allianz opened its P&C branch office in Guangzhou in 2003. Besides, Allianz started selling life insurance in China in 1999. Allianz China Life was the first European life insurance joint venture in China.

Werner Zedelius, board member of Allianz SE responsible for growth markets, said: Allianz considers China to be one of its three core growth markets globally. This license is an important step for us.

“In very close cooperation with the Chinese authorities, we will start preparations to launch the subsidiary and subsequently enter new provinces. This will allow us to reach more customers in the vast and rapidly growing Chinese insurance market and to foster Allianz’ position in China.