ALLIANZ EXPANDS INTO CHENGDU

European insurer Allianz has expanded away from the coastal areas of China with the launch of a joint venture in Chengdu, the capital of southwest China’s Sichuan province. Allianz’s three previous branches in China have been in Shanghai, Guangdong and Zhejiang. Allianz established its joint venture Allianz China Life in 1999. The venture’s CEO, Christian Molt, said that, because western China was undergoing rapid economic development, an early presence in the Sichuan province was strategically vital for the company if it wanted to become the leading international life assurer in China.