Allianz has been given approval from regulators to change the status of their fully owned Allianz Insurance Co. Guangzhou Branch from a branch office to a subsidiary of Allianz Versicherungs A.G.
Previously, China only allowed foreign joint-venture companies to enter two new provinces a year. Changing the status of the company to a subsidiary makes the company an independent legal entity that allows it to apply for setting up its own branch offices in other provinces in China.
In China the company sells health insurance to locals and expatriates.
International health insurance: News update: 8 February 2010