Hong Kong, 30 May 2022 – AIA Group Limited (the “Company”, and together with its subsidiaries, “AIA” or the “Group”; stock code: 1299) announces that AIA China has received approval from the China Banking and Insurance Regulatory Commission (CBIRC) to begin preparations to establish a new branch in Henan province.
The Chinese life insurance market remains significantly underpenetrated and offers tremendous growth potential for AIA as the Group expands into new geographies and deepens its presence through its established operations. AIA is replicating its Premier Agency model to drive long-term sustainable value while meeting the rapidly-growing demand from China’s middle class for high-quality propositions backed by professional advice. The unique combination of high recruitment standards, proprietary training, management expertise and powerful digital platforms deliver leading levels of productivity and attractive agent incomes across its operations as they grow in scale across Mainland China.
Lee Yuan Siong, AIA Group Chief Executive and President, said, “We continue to make strong progress in executing on our strategy to capture the immense growth opportunities available to AIA in Mainland China. Our Premier Agency has been built over many years and is exceptionally positioned to leverage the structural drivers that power the life and health insurance market in China. Supported by our investments in technology, digital and analytics, our strong performance in new geographies demonstrates that we have the right model to take full advantage of our unique opportunity.”
Fisher Zhang, AIA China Chief Executive Officer, said, “We are delighted to receive approval to prepare our new branch in Henan, the third most populous province in Mainland China with close to 100 million residents and ranked fifth in terms of life insurance premium in 2021. We are grateful for the continuing trust placed in us by the CBIRC with the upgrade of our licences in Tianjin and Shijiazhuang and the successful opening of our latest branch in Hubei since the start of 2022. We look forward to bringing our compelling propositions to help families in Henan live Healthier, Longer, Better Lives.”
Branch operations in Henan will commence on completion of AIA’s preparations and on securing final regulatory approvals.