Hong Kong-based insurance giant AIA has obtained approval from Chinese regulators to establish a new branch in Henan province.
AIA has received approval from the China Banking and Insurance Regulatory Commission (CBIRC) to begin preparations to open a new branch in Henan province, according to a statement.
«We continue to make strong progress in executing on our strategy to capture the immense growth opportunities available to AIA in Mainland China,» said AIA group chief executive and president Lee Yuan Siong.
«Supported by our investments in technology, digital and analytics, our strong performance in new geographies demonstrates that we have the right model to take full advantage of our unique opportunity.»
Premier Agency
According to AIA, it will replicate its «Premier Agency» model to drive long-term value while meeting demand from the Chinese middle class for quality propositions backed by professional advice.
«The unique combination of high recruitment standards, proprietary training, management expertise and powerful digital platforms deliver leading levels of productivity and attractive agent incomes across its operations as they grow in scale across Mainland China,» the release said.
China Expansion in 2022
Since the start of 2022, AIA has been rapidly expanding throughout mainland China.
It upgraded its licenses in Tianjin and Shijiazhuang while also opening its latest branch in the central province of Hubei.
And now, it will look to expand into Henan, China’s third most populous province with nearly 100 million residents and the fifth largest insurance market by premium volume in 2021.
