Germany's Allianz will inject up to 300 million yuan (about HK$281.64 million) into its mainland life insurance business. In an interview with the South China Morning Post, Asia-Pacific chief executive Heinz Dollberg also said that Allianz - Europe's largest insurance company - had filed an application with the China Insurance Regulatory Commission in January to open branches in Guangzhou and Beijing. Operating under the company's Shanghai joint venture, Allianz Dazhong Life Insurance, the new branches would initially each employ between 20 and 25 people, Mr Dollberg said. 'This year I would like to start the [life insurance] businesses in Guangzhou and Beijing,' he said. According to Mr Dollberg, Allianz expects Asia to contribute at least 10 per cent of the group's global premiums within 10 years. The company is also open to potential life and general insurance acquisition opportunities in Asia and on the mainland. 'I would be open-minded on acquisitions on the mainland,' Mr Dollberg said, adding that any purchases would depend on factors including the target's profitability and the structure of its sales force. He said Allianz had been approached by about 77 potential life and general insurance acquisition firms last year, but that no deals had been concluded. Mr Dollberg's comments came after Allianz posted a net loss of 1.2 billion euros (about HK$9.92 billion) on Thursday. To shore up its credit rating, the company intends to raise five billion euros through share and bond offerings. Mr Dollberg brushed aside suggestions that the group's financial problems at home could affect its expansion plans in Asia. 'We won't change our attention and focus on Asia,' he said.