Allianz China Life Insurance Co has more than doubled its headcount in China this year amid a rapid expansion, its chief executive officer said.
The joint venture life insurer has boosted its internal staff numbers from 500 to 1,200 this year and doubled its agent numbers to 8,000, Christian Molt, CEO of Allianz China Life, told Shanghai Daily.
Attracting and retaining talents is a high priority for the insurer which has also introduced management trainee programs to churn out more local managers, Molt said.
He also disclosed the insurer will enter the north China market early next year when it plans to open a branch in Beijing. The insurer eyes a more geographic expansion in northern China, Molt said, and will announce plans early next year.
The insurer now has a presence in 20 cities in six provinces as "China is one of Allianz's core strategy markets," said Molt. The country is now Allianz's fifth biggest market in Asia and will be its fourth biggest next year.
The insurer's premiums grew to 2.4 billion yuan (US$323 million) at the end of September - doubled last year's premiums.
The premium growth was mainly derived from the insurer's multi-distribution mode, including agent teams, banks, brokers, intermediaries and direct sales.
China's total premium income accounted for 1.7 percent of its economy in 2006 while the figure in Europe is 5.3 percent and 8.3 percent for Japan.
Overseas insurers are accelerating their expansion in the world's fastest-growing major economy.
Allianz China Life was set up in January 1999 by German financial service conglomerate Allianz Group and CITIC Trust & Investment Co.