AIA China has received approval from the China Banking and Insurance Regulatory Commission (CBIRC) to begin preparations to establish a new branch in Sichuan. This will be AIA China's first new branch since the inauguration of its wholly-owned life insurance subsidiary in July 2020.
Lee Yuan Siong, AIA Group Chief Executive and President, said, “We are delighted to receive approval to prepare for AIA’s first branch in Western China. This reflects the trust and confidence placed in us to make a lasting contribution to the sustainable development of the life insurance industry in the region. We are privileged to have the opportunity to provide AIA’s protection and long-term savings products to many more families and help deliver better shared outcomes for our communities.”
Fisher Zhang, AIA China’s Chief Executive Officer, said, “It is an honour for us to receive this approval. Sichuan is a fast-growing province and an important region for AIA as we look to expand our geographical footprint in Mainland China. We are committed to playing our part in the further development of Sichuan and the financial industry of Western China as we help millions more people across the country live Healthier, Longer, Better Lives.”
AIA traces its roots back to Shanghai in 1919 and returned to Mainland China in 1992 following the government’s economic reforms and the opening up of the financial sector.
AIA is the first foreign company with a wholly-owned life insurance subsidiary in Mainland China and currently has operations in Shanghai, Beijing, Guangdong, Shenzhen, Jiangsu, Tianjin and Hebei.
AIA China has begun preparatory work to establish its Sichuan branch in Chengdu in compliance with all applicable policy and regulations. Branch operations will commence on completion of its preparations and once final regulatory approvals are secured.
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