ALLIANZ China Life Insurance Co plans to open one to two branches each year to expand its network and offer group insurance to lift premium growth.

The Shanghai-based joint venture insurer is to continue its network expansion to take a bigger bite of the country's growing life insurance market, said Yang Yongting, chief officer of the insurer's institution business in Shanghai yesterday.

The insurer has now set up six branches in Shanghai, Shenzhen and the provinces of Zhejiang, Jiangsu, Guangdong and Sichuan.

China's corporate insurance market has had a compound annual growth rate of 30 percent since 2005 with premiums reaching 58.2 billion yuan (US$8.3 billion).

The insurer has already teamed up with banks to build its bancassurance strength and employed more agents to reach new clients.

Allianz China's policies are sold at 2,000 outlets of the Industrial & Commercial Bank of China and Agricultural Bank of China and by 10,000 agents in China.

"We are committed to our multi-distribution strategy to meet the needs of client," said Christian Molt, chief executive officer of Allianz China.

The insurer collected premiums of 3 billion yuan last year, up 150 percent than a year ago.

Allianz China Life was set up in January 1999 by German financial service conglomerate Allianz Group and CITIC Trust & Investment Co.