Allianz China Life to Become Profitable in 2013

Allianz China Life Insurance Co., Ltd. CEO Wilf Blackburn said in Shanghai recently that his company was to become profitable in 2013.

This means that it will take the life insurance firm 15 years to start making profit on the Chinese market since its foray in January 1999. According to general rules, a foreign insurance firm is able to make profits seven to eight years after their foray into a market.

As to this, the CEO explained that each province and city in China have different culture and consumption habit, there are many local life insurance firms with sharp competitiveness, and his company has to continue expanding outlets to make a long-term preparation for future expansion.

At the same time, the life insurance firm released its first overall insurance solution tailored for clients of bank wealth management centers. The access threshold needs to be more than CNy 50,000 a year. A top executive of the firm disclosed that the access threshold of the company's product for private banking clients is CNY 200,000 a year, and the actual threshold has reached up to CNY 400,000 a year.