Hong Kong-based AIA will open another branch in China, furthering its extensive presence in the country.
AIA has received approval from China's National Financial Regulatory Administration Anhui Bureau to begin preparations to establish a new branch in Anhui province, according to a statement. The branch's operations will commence once final regulatory approvals are secured.
The eastern Chinese province has a population of over 60 million. According to AIA, Hefei, the provincial capital, has «attracted a growing pool of skilled professionals from across the country to its emerging sectors, including new energy vehicles, green industries and information technology, driving an increased demand for comprehensive insurance solutions».
Local Network
AIA has operations in Beijing, Guangdong, Jiangsu, Shanghai, Shenzhen and has expanded into new geographies including Hebei, Henan, Hubei, Sichuan and Tianjin. In 2020, it received regulatory approval to become the first wholly foreign-owned life insurance company in the mainland.
«Mainland China remains one of the most attractive markets for life and health insurance in the world. AIA has significant headroom to grow within our existing footprint and in our new geographies,» said Lee Yuan Siong, AIA Group chief executive and president.
«Following the planned expansion into Anhui, AIA China will have added six new geographies since 2019, extending our reach by more than 100 million target customers in regions with a combined GDP of 28 trillion renminbi ($3.9 trillion).»
