Hong Kong, 12 November 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 (NFRA) Chongqing Bureau to begin preparations to establish a new branch in the Chongqing Municipality.

 

Chongqing is one of Mainland China’s four directly administered municipalities alongside Beijing, Shanghai and Tianjin, a strategic and major market equivalent to a province. It is the most populous city in Mainland China with around 32 million residents⁽¹⁾ and a gross domestic product of over RMB3 trillion⁽¹⁾. Supported by national strategies like the Chengdu-Chongqing Economic Circle and the large-scale development of China’s western region, the city has emerged as a pioneering hub for science and technology innovation, advanced manufacturing and aerospace-related industries. With a high concentration of top professional talent, the city’s dynamic workforce is driving demand for health and financial protection solutions.

 

Lee Yuan Siong, AIA Group Chief Executive and President, said, “We are pleased to receive regulatory approval to expand into Chongqing, following the recent approvals to prepare for new branches in Anhui and Shandong. This will extend our footprint to cover 13 provinces and municipalities that are home to millions of middle-class families in Mainland China, one of the most attractive markets for life and health insurance in the world. Through our differentiated Premier Agency strategy, exceptional people and Purpose-driven culture, we look forward to bringing AIA’s unique model to Chongqing and contributing to the ongoing development of the life insurance industry in Mainland China.”

 

Fisher Zhang, AIA China Chief Executive Officer, said, “We would like to express our sincere gratitude to the NFRA Chongqing Bureau for their support and trust in AIA China. Our recruitment and training programmes will attract top talent to our world-class agency force, which is equipped to meet evolving customer needs. We are committed to providing compelling products and professional advice to the families in Chongqing as we deliver on our Purpose to help people live Healthier, Longer, Better Lives.” 

 

Branch operations in Chongqing 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.