Hong Kong, 26 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) Zhejiang Bureau to begin preparations to establish a new branch in Zhejiang province.

 

Zhejiang is a key growth and innovation engine for Mainland China’s continued economic development. The province has a gross domestic product (GDP) of RMB8.3 trillion⁽¹⁾, the fourth highest in the country, and ranks third in per capita disposable income after Shanghai and Beijing⁽¹⁾. Zhejiang has a population of around 66 million⁽¹⁾, of which 75.8% are middle-class consumers⁽²⁾. As the fourth largest life insurance market in Mainland China with RMB168.3 billion in life insurance premiums⁽³⁾, the province has seen increasing demands for life and health protection solutions. Home to many advanced technology and e-commerce enterprises, Zhejiang is accelerating its development to become a global digital economy hub.

 

Lee Yuan Siong, AIA Group Chief Executive and President, said, “AIA has made excellent progress in executing our expansion strategy in Mainland China, having secured recent approvals to prepare for new branches in Anhui, Chongqing, Shandong and now Zhejiang. Our planned entry into these regions adds a further 100 million potential customers⁽⁴⁾ to our reach and we now have access to over 70% of Mainland China’s life insurance market⁽³⁾. This marks another significant milestone in AIA’s journey of growth in Mainland China as we continue to contribute to the high-quality development of its life insurance industry.”

 

Fisher Zhang, AIA China Chief Executive Officer, said, “I would like to express our gratitude to the NFRA and for the guidance provided by the local bureaus in Anhui, Chongqing, Shandong and Zhejiang. Our expansion in these regions will help sustain our growth momentum in Mainland China, driven by our holistic insurance and savings products, differentiated Premier Agency, and dedication in meeting the evolving needs of middle-class consumers. I have full confidence in the bright future ahead of us as we fulfil our Purpose of helping people live Healthier, Longer, Better Lives.”

 

Branch operations in Zhejiang 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.