BEIJING (XFN-ASIA) - The China Insurance Regulatory Commission said it has given its approval to Allianz China Life Insurance Co to open a branch in Nanjing, capital of eastern China's Jiangsu Province.
Allianz China Life is a 51-49 joint venture between Allianz AG and China's CITIC Trust & Investment Co, a unit of CITIC Group.
The venture won initial approval in late July to set up the Nanjing branch, adding to its current operations in Shanghai, Guangdong, Zhejiang, Sichuan and Shenzhen.
Allianz China Life's premium income more than quadrupled to over 1.2 bln yuan in 2006, while premiums in the first eight months of this year totaled about 2.0 bln yuan.
(1 usd= 7.50 yuan)
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