Allianz sees double-digit growth over next decade

Allianz China Life Insurance Co Ltd said yesterday that it is upbeat about the country's insurance industry and expects to record double-digit growth in 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. 

Allianz China has seen its profit and revenue doubled during the past five years, Sartorel said.

China has been a star performer in the sector as a whole, and in 2018 alone, over 80 percent of global life insurance premium growth came from Chinese market. 

Chen Liang, CEO of Allianz China, said the company aimed to become an industry leader in the high-end insurance market and has been working for two decades to develop products to meet customers’ evolving and differentiated needs.

Allianz will focus on digital transformation to improve service, Chen said.

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

In November, the insurance giant announced it had received approval from the China Banking and Insurance Regulatory Commission to make preparatory work to become  the country’s first fully foreign-owned insurance company.

Working with CITIC Trust, the company was the first European joint venture insurer in China and has been operating her for 20 years.