HONG KONG, 22 June 2021 – AIA Group Limited (“AIA” or the “Company”; stock code: 1299) announces that the China Banking and Insurance Regulatory Commission (CBIRC) has approved AIA China to begin preparations to establish a new branch in Hubei province.
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.”
Fisher Zhang, AIA China’s Chief Executive Officer, said, “Hubei is strategically located in Central China as the major transportation hub of the country, supporting its fast-growing economy. Hubei is also an important centre for higher education in Mainland China, providing access to deep talent pools for developing full-time insurance professionals. We are grateful for the trust and confidence placed in AIA and we look forward to bringing our differentiated protection products and professional advice services to the people of Hubei.”
AIA 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.
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.