Allianz AG, the largest insurance company in Germany, has entered the coveted west region of China by opening a branch office through its joint venture in Chengdu, capital of southwest China's Sichuan province.

It's the fourth branch of the German giant in China after three branches in coastal Shanghai municipality, Guangdong and Zhejiang provinces.

Allianz Ag set up its joint venture Allianz China Life Insurance Company Ltd (AZCL) in 1999 with China's CITIC Trust & Investment Co Ltd in Shanghai.

In view of the burgeoning economic development in west China, an early presence in Sichuan province is strategically important for AZCL to be the leading international life insurer in China, said Christian Molt, Chief Executive Officer of AZCL.

Allianz Ag, listed 14th on the Forbes 500 in 2005, is one of the largest insurance company in the world. It is the first European insurance company authorized to set up a joint venture in China.

Source: Xinhua