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Allianz China Life, the first European life insurance company that opened business in China, is aimed at becoming a leading international life insurer in the country, said Mr. Christian Molt, CEO of Allianz China Life,.

According to Molt, Allianz China Life made an excellent performance in 2006, ranking No 4 among foreign life insurers in China, up from the eighth place.

Due to the fast growth of multi-distribution mode, the gross written premiums of this only life insurance joint venture of Allianz Group (Munich) in China exceeded 1 billion yuan (US$130 million) for the first time and reached 1.2 billion yuan (US$154 million), increasing by more than 300% compared to the previous year.

Shanghai is where the headquarters of Allianz China Life is located, and is the cradle where the business began.

"Almost 700 million yuan of the premium income was contributed by Shanghai in 2006. The income from Shanghai beat all the international competitors with a total amount of 480 million yuan (US$62 million)," Molt said.

Guangdong is the first branch of Allianz China Life, an important step during the national expansion. Guangdong branch opened in January 2005.

"It collected 400 million yuan (US$52 million) in 2006, five times more than the year of 2005," Molt said.

Sichuan branch, which was set up last November, signals a new starting in mid-west region of China.

During the initial stage of Allianz China Life¡¯s entry into Sichuan, it has strongly focused on setting up multi-channel distributions, especially agency and bancassurance.

"It also invested in developing local financial planning talents through Allianz's patented AAA training system. With a strong marketing base, the branch office has fully prepared for rapid business development in the future," Molt said.

According to Molt, Allianz China Life has set foot in 15 cities of 4 major provinces. And the next target will be Jiangsu Province.

"2006 was a starting point for the fast growth of Allianz China Life. And in 2007, we expect stronger growth in business and branch expansion. To become the leading international life insurer is our long-term aim in China," he said.