Allianz: China to drive strong profit growth

Source: Xinhua | 2019-01-17

Allianz China Life Insurance Co Ltd said yesterday that it is upbeat about the country’s insurance market and expects to record double-digit growth over the next decade.

George Sartorel, chief executive officer for Allianz Group’s business in the Asia-Pacific area, said China is now the engine for the company’s growth in the region.

Profit has doubled over the past five years and last year China accounted for 80 percent of Alianz’s global life insurance growth.

Chen Liang, CEO of Allianz China, said the company aimed to become an leader in high-end insurance in China’s fast-growing market.

Allianz is working to expand its presence in the world’s second-largest economy as the country opens up its financial sector.

In November, the insurance giant received approval from the China Banking and Insurance Regulatory Commission to begin preparations with the aim of becoming the country’s first fully foreign-owned insurance company.