Swiss insurer Zurich Financial Services said on Tuesday it was broadening its insurance distribution channel in the fast growing China market, with the establishment of Zurich Insurance Brokers Ltd.

Zurich Insurance Brokers would also sell products offered by New China Life, in which Zurich Financial has a 20 percent stake, executives told reporters.

"Customers like to select from multi-channel platforms," said Chief Executive James Schiro. The new company will offer general and life insurance products.

"Through this channel we will offer China Life products to the extent permissible by law," Schiro said.

Zurich Financial has a 24.5 percent stake in Zurich Insurance Brokers, which was formerly called Harmonious Insurance Brokers Co.

The company did not reveal any details about its investments in China.

Zurich Financial has more than 100 employees in China compared with just three two years ago, but it does not expect the mainland to contribute significantly to the group's earnings for the foreseeable future.

The company said this year it wanted to be one of the world's top five insurers, but markets question its growth plans, and the company has so far been hesitant in acquisitions, unlike some of its peers.

Schiro has turned around the group, which has a market value of $40 billion, cutting costs and returning it to profit after two loss-making years in the early 2000's.