The China Banking and Insurance Regulatory Commission (CBIRC) has approved AIA China to begin preparations to establish a branch in Hubei province.
AIA China has begun preparatory work to establish its Hubei branch in compliance with all applicable policy and regulations. Branch operations will commence on completion of our preparations and on securing final regulatory approvals.
The company traces its roots back to Shanghai in 1919 and is the first foreign company with a wholly owned life insurance subsidiary in mainland China. It currently has operations in Shanghai, Beijing, Guangdong, Shenzhen, Jiangsu, Tianjin, Hebei and a newly opened branch in Sichuan.
Ambitions
Lee Yuan Siong, AIA Group chief executive and president, said: “We are delighted to receive approval to prepare for our branch in Hubei. This is an important next step in our geographical expansion strategy in mainland China, following the recent launch of our newest operation in Sichuan province in April.
“As one of the world’s leading and largest life insurers with an ambition to help the people in our communities live healthier, longer, better lives, we are confident that AIA is ideally positioned to make a positive lasting contribution to the development of Hubei’s life insurance industry and to the health and wellbeing of its people, as we continue our strong track record of growth in mainland China.”
