The Allianz Group, an insurance company, has revealed plans to strengthen its business operations in China despite the global financial turmoil. The company has established eighth branch in China at Jinan of Shandong Province, and will come up with ninth branch in Wuhan, Hubei by year end. China permits foreign insurers to set up only two regional offices in a year.
Allianz China already has branches in Beijing, Nanjing, Chengdu, Hangzhou, Shenzhen, Guangzhou and Shanghai. The company’s robust financial position has prompted it to take up market expansion, said CEO of Allianz China Life Insurance Co., Ltd.
In 1999, Germany-based Allianz Group opened first branch in China. Allianz China operates through a network of over 15,000 agents and has co-operative links with over 12 Chinese banks.