Allianz to continue expansion in China

May 18, 2009 (China Knowledge) - Allianz SE, the world's largest insurance company by market value, will continue to invest and expand in the Chinese market in spite of the decreased demand for financial products amid the ongoing global financial crisis, said Werner Zedelius, a member of the board of the Gernany-based insurer, the Shanghai Daily reported on Saturday.

Allianz China Life Insurance Co, a life-insurance joint venture, will continue to expand its network in the country, said Zedelius, and will even consider mergers and acquisitions.

Meanwhile, the company will promote its property and casualty insurance services in China.

However, Zedelius declined to reveal whether Allianz will further cut its stake in Industrial and Commercial Bank of China (ICBC)<601398><1398>, the world's largest lender by market value.

In late April, the German insurer sold 3.22 billion ICBC H-shares, which became tradable on Apr. 28, reducing its stake in the Chinese lender to 0.97%.

Allianz China, which has a presence in eight provinces of mainland China, is planning to launch a new branch in Shandong Province within a month.

Allianz, which has a network of more than 70 markets and over 170,000 employees, serves over 80 million clients around the world through its core businesses of life and health insurance, property and casualty insurance, and asset management and banking.