Hong Kong, 28 October 2024 – AIA Group Limited (the “Company”, and together with its subsidiaries, “AIA” or the “Group”; stock codes: 1299 (HKD counter) and 81299 (RMB counter)) announces that AIA China has received approval from the National Financial Regulatory Administration Anhui Bureau to begin preparations to establish a new branch in Anhui province.

 

Anhui province in Eastern China has a gross domestic product (GDP) of RMB4.7 trillion⁽¹⁾ and a population of over 60 million⁽¹⁾, of which around 17 million are middle-class consumers⁽²⁾. 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.

 

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⁽³⁾ in regions with a combined GDP of RMB28 trillion⁽¹⁾. 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.”

 

Fisher Zhang, AIA China Chief Executive Officer, 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.”

 

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.