Allianz Group to expand core business in China

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Last updated at: (Beijing Time) Friday, April 02, 2004

Allianz Group to expand core business in China

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Allianz Group, the largest German insurance service provider, will continue to expand its core business in China, according to Michael Diekmann, chairman and CEOof the company, China Daily reported Friday.

"Allianz Group has always believed in the great prospects of China and its economy," he was quoted by the paper as saying at a press conference in Shanghai on Wednesday. "I want to confirm our continued commitment to China today."

Among all financial institutions in China, Allianz has the mostcomprehensive services including insurance, fund management and banking.

"While we maintain a widespread presence across the region, ourmain strategic focus is on markets with high growth potential for insurance products and sufficient scale to provide substantial earnings," Werner Zedulius, a board member in charge of Allianz's growth markets, added.

Last year, its life insurance joint venture Allianz Dazhong Life Insurance recorded gross written premiums of 166.6 million yuan (about 20.2 million US dollars), up 36 percent from 2002.

Its wholly owned property and casualty operation in Guangzhou generated premiums of 35 million yuan in one year, surpassing business targets.

Looking ahead, Allianz is optimistic. "The Chinese government'sassurance to liberalize its insurance and financial services industry in line with the World Trade Organization agreements has already played a significant role in allowing Allianz to grow its presence here."

As part of Allianz's strategy to establish a nationwide presence, it is preparing to launch a branch office of its Shanghai-based life and health joint venture in Guangzhou in the second half of the year, while preparing for group health insurance, the paper said.

In fact, it plans to undertake both life and non-life operations in Shanghai, Beijing and Guangzhou and eventually all key markets in China.

Its joint venture fund company with Guotai Jun'an also witnessed strong results since its first fund was launched last year. Its two funds have received an overwhelming response from the market.

Meanwhile, Allianz's Euler Hermes is now well-placed to meet the growing need for credit insurance in China by partnering with Sinosure, the country's official export credit insurance agency.

Source: Xinhua

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