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The insurer's premiums topped 1.2 billion yuan (US$155 million) last year - the first time they have exceeded one billion yuan, the Shanghai-based insurer said yesterday.

The premiums pushed the joint venture insurer into the fourth biggest among foreign insurers in China, up from No. 8.

"2006 was a starting point for Allianz China Life to grow fast," said Christian Molt, chief executive officer of the insurer. "We aim for a leading position among foreign life insurance companies in China. I am confident that we will move forward" towards the goal.

The insurer grew rapidly due to a multi-distribution mode which includes agent teams, banks, brokers, intermediaries and direct sales teams, the insurer said.

Bancassurance is the leading channel for Allianz China Life, which has more than 1,000 banking outlets across the country and generates a turnover of 880 million yuan.

Industrial and Commercial Bank of China is the biggest partner for Allianz China Life, with more than 500 million yuan of premiums generated via the lender, China's biggest bank.

"Bancassurance provides immense client resources and opportunities for our business," said Molt.

The insurer has more than 4,000 agents and 1,000 bank outlets for bancassurance in China. Through bancassurance, lenders sell policies on behalf of insurers, which will pay a fee to banks.

Allianz China Life has a presence in 15 cities, including Shanghai, Guangdong, and in Zhejiang and Sichuan provinces.

"In 2007, we expect stronger growth in business and branch expansion," said Molt. The next target will be Jiangsu Province, the insurer said.

China's insurance industry has been expanding more than 25 percent annually in the past decade.

(For more biz stories, please visit Industry Updates)