The China Insurance Regulatory Commission (CIRC) said it has given its approval to Allianz China Life Insurance Co to invest in the China stock market.

Shanghai-headquartered Allianz China Life is a 51-49 joint venture between Allianz AG and China's CITIC Trust & Investment Co.

The venture reported 2007 premium income of 3.0 bln yuan, up from 1.2 bln a year earlier.

Currently, Chinese insurers' equity investment activities are confined to nine insurance asset management corporations. The CIRC did not say which of these AMCs will be the assignee for Allianz China Life.

The CIRC has reportedly doubled the limit on domestic stock investment by insurance companies to 10 pct of their assets in the previous year.