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Allianz China Life to expand into Shandong

Published: 26 Nov 2008 01:48:10 PST

Nov. 26, 2008 (China Knowledge) - Shanghai-based Allianz China Life Insurance Co. Ltd, a 51:49 joint venture (JV) between German financial services conglomerate Allianz Group and China's financial institution CITIC Trust Co. Ltd, has won a preliminary license from the China Insurance Regulatory Commission (CIRC) to launch business in Shandong Province, northeast China.

The company will continue its expansion strategy in China despite the challenging economic situation and market uncertainty in the future, sources reported, citing Christian Molt, CEO with Allianz China Life, as saying.

In September this year, the insurer, which has set up seven branches with more than 60 sales service centers across China, raised its capital by 40% to RMB 1.4 billion from the previous RMB 1 billion, according to China Knowledge's earlier report.

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