Allianz China Life Insurance Co's premiums more than doubled in the first half amid the country's growing demand for financial protection.
The insurer's premiums topped 1.3 billion yuan (US$172 million) in the first six months, equal to all of last year, the Shanghai-based insurer said today.
The first-half premium was 2.66 times more than in the same period a year ago.
Growth in premiums was driven by the insurer's multi-distribution mode, including agent teams, banks, brokers, intermediaries and direct sales.
Bancassurance, or the combination of banking and insurance activities, helped boost premiums. The lender mainly sells unit-linked policies in bank outlets, whose performance is linked with stock and fund markets.
The benchmark Shanghai Composite Index gained 40 percent in the first half after soaring 130 percent last year.
The insurer has teamed up with more than 1,000 bank outlets of the country's five biggest lenders.
The insurer also said yesterday it received approval from the China Insurance Regulatory Commission to set up a branch in Nanjing, Jiangsu Province, to expand in the Yangtze River Delta. It will be its sixth branch in China.
``Establishing the Jiangsu branch completes the business network set-up in the Yangtze River Delta, which is a powerful economic hub with strong potential and political will toward regional economic integration. It is a significant step to us in terms of branch rollout.'' said Christian Molt, the chief executive officer of Allianz China.
Jiangsu ranks No. 1 in terms of gross written premiums in China.
The joint venture insurer now has branches in Shanghai, Guangzhou, Hangzhou, Chengdu and Shenzhen.
Allianz China Life was set up in January 1999 by German financial service conglomerate Allianz Group and CITIC Trust & Investment Co.