Allianz China Life Insurance Co's premium has more than doubled in the first half amid the country's growing demand for financial protection.

The insurer's first-half premiums this year reached as much as 1.3 billion yuan (US$172 million) - the figure the company made for all of last year - the Shanghai-based insurer said yesterday.

The first-half premium is 2.66 times more than the figure from a year ago.

The premium growth was mainly derived from the insurer's multi-distribution mindset. Offshoots include agent teams, banks, brokers, intermediaries and direct sales. Bancassurance boosted premiums. The lender mainly sells unit-linked policies in bank outlets, whose performance is linked with stock and funds markets.

The benchmark Shanghai Composite Index has 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 from the country's big five lenders. The insurer also said yesterday it has received approval from the China Insurance Regulatory Commission to set up of a branch in Nanjing, Jiangsu Province, to expand in 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 of China with strong potential and political will towards regional economic integration," said Christian Molt, the chief executive officer of Allianz China.

"It is a significant step to us in terms of branch rollout."

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 firm Allianz Group and CITIC Trust & Investment Co.