Shanghai-based Allianz China Life Insurance Co, a 51-49 joint venture between Allianz AG and China's CITIC Trust & Investment Co, said it has won regulatory approval to set up a branch in Beijing.

'We did receive the approval, and an official statement regarding the deal will be issued,' Karol Chen, an Allianz China Life spokeswoman told XFN-Asia.

Last month, the venture won approval to open a branch in eastern China's Jiangsu Province, adding to its operations in Shanghai, Guangdong, Zhejiang, Sichuan and Shenzhen.

Allianz China Life reported premium income of 2.4 bln yuan in the first nine months. It is the second largest foreign life insurer in China in terms of premiums, following AIA, a unit of American International Group Inc.