Allianz China Life Insurance Co's premium in China more than quadrupled in the first 10 months amid the country's rising demand for financial protection.The company expects more premium growth this year after it moved into western China by opening a branch in Chengdu, Sichuan Province.

The Shanghai-based company collected gross written premiums worth 852 million yuan (US$107.9 million) in the first 10 months, up 320.8 percent on a year ago.

The Chengdu branch has 300 agents and insurance brokers. The branch also signed deals with the Sichuan branches of Industrial and Commercial Bank of China and Agriculture Bank of China. The country's two biggest lenders will sell policies on behalf of Allianz China Life.

The company now covers 13 cities in four provinces including Guangdong, Zhejiang provinces and Shanghai. "China is a key strategic growth market for Allianz," said Bruce Bowers, chief executive officer of Allianz Asia and director of Allianz China Life. "The long-term goal of Allianz in China is to be a leading insurance and financial service provider."

Overseas insurance players are stepping out of the coastal areas and dashing to western or central China to take advantage of the emerging middle-class in the region. Manulife-Sinochem already has a presence in Sichuan while Citic-Prudential has a branch in central China's Hubei Province.

China's insurance industry has been expanding more than 25 percent annually in the past decade as incomes rise.

Source:佚名