Insurer AIA is preparing to launch yet another branch in mainland China as part of its ongoing onshore expansion.
AIA has received approval from China's National Financial Regulatory Administration Chongqing Bureau to begin preparations to establish a new branch in the Chongqing Municipality, according to a statement. Chongqing is the most populous city in mainland China with around 32 million residents and a GDP of over 3 trillion yuan ($410 billion).
«This will extend our footprint to cover 13 provinces and municipalities that are home to millions of middle-class families in Mainland China, one of the most attractive markets for life and health insurance in the world,» said Lee Yuan Siong, AIA Group chief executive and president.
AIA recently obtained approvals for new branches in Anhui and Shandong. Within China, it currently has operations in Beijing, Guangdong, Jiangsu, Shanghai, Shenzhen, and has expanded into new geographies including Hebei, Henan, Hubei, Sichuan and Tianjin.
