Allianz China Life Insurance Co. Ltd. (AZCL) collected premiums totaling more than 1.2 billion yuan last year, an increase of more than 300 percent over 2005, the company has announced.

AZCL, a joint venture by Germany's Allianz AG and the CITIC Trust and Investment Co. Ltd. of China, was the first European life insurance joint venture in China when it was established in 1999.

"Bank assurance provides immense client resources and opportunities for our business," Christian Molt, chief executive officer, said.

The service recorded a total turnover of 880 billion yuan last year through over 1,000 bank outlets, the company said Wednesday.

AZCL took in more than 500 million yuan over the counters of the Industrial and Commercial Bank of China.

In 2006, AZCL colleted 700 million yuan of the premium income from Shanghai, up 200 percent year on year, while making 400 million yuan in Guangdong province, five times more than a year before.

Source: Xinhua