AIA gets green light to launch new branch in Anhui province

AIA China has received approval from the National Financial Regulatory Administration Anhui Bureau to begin preparations to establish a new branch in Anhui province.

This comes as part of AIA's effort to expand its portfolio within China. Anhui province in Eastern China has a gross domestic product (GDP) of RMB4.7 trillion and a population of over 60 million, of which around 17 million are middle-class consumers.

The province is strategically located to play a key role in the Yangtze River Delta integration plan, which has accelerated the development of this new economic zone. 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, according to the release. 

Branch operations in Anhui will commence once final regulatory approvals are secured. AIA China has operations in Beijing, Guangdong, Jiangsu, Shanghai, Shenzhen, and has expanded into new geographies including Hebei, Henan, Hubei, Sichuan and Tianjin. AIA China received regulatory approval to become the first wholly foreign-owned life insurance company in Mainland China in 2020.

Lee Yuan Siong, AIA Group chief executive and president, said, “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."

"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 RMB28 trillion. We have a unique growth strategy that is differentiated by our premier agency and we remain well-positioned to meet the evolving needs of a resilient customer base through holistic protection and long-term savings products," Lee added.

Fisher Zhang, AIA China CEO, said, “AIA China is delighted to receive regulatory approval to prepare our new branch in Anhui, a testament to the government’s recognition of our high-quality operating model and strong AIA brand. We are committed to supporting the continued development of Anhui’s insurance market by providing compelling products and professional services that will help millions more families in the province live healthier, longer, better lives.”

To date, AIA has a presence in 18 markets – wholly-owned branches and subsidiaries in Mainland China, Hong Kong, Thailand, Singapore, Malaysia, Australia, Cambodia, Indonesia, Myanmar, New Zealand, the Philippines, South Korea, Sri Lanka, Taiwan, Vietnam, Brunei and Macau, and a 49% joint venture in India.

The business that is now AIA was first established in Shanghai more than a century ago in 1919. It is a market leader in Asia (ex-Japan) based on life insurance premiums and holds leading positions across the majority of its markets. It had total assets of US$289 billion as of 30 June 2024.

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