A delegation from Allianz China Life, the joint venture life insurance company formed by Germany’s Allianz SE and China’s CITIC Trust, visited Qingdao on August 11 to have an understanding of Qingdao’s financial industry and its supportive policies for foreign life insurance companies to set up branch operations in the city.

Zhang Li, deputy-director of Qingdao’s commerce bureau, briefed the guests on the development of the city’s financial industry as well as the comprehensive financial reform pilot zone for wealth management, and answered their questions about related policies.

Hao Yufei, head of the delegation and an executive of the CEO office of Allianz China Life, said the company would keep close contacts with Qingdao’s investment promotion bureau and enhance communication and cooperation.

Allianz China Life, the first European joint venture insurer in China, opened in Shanghai in 1999. The company has a registered capital of 2 billion yuan ($324.8 million), of which Allianz SE owns a 51 percent stake and CITIC Trust owns 49 percent, according to the company’s website.