21-08-2020
China:AIA Life Insurance starts operations under new licence
Insurance AlertssChina:AIA Life Insurance starts operations under new licence
AIA Life Insurance has opened its doors in Shanghai on 18 August after obtaining its business licence, thus becoming the first wholly foreign-owned life insurance company on the Chinese mainland.
The company, a wholly owned subsidiary of AIA Group, will manage AIA's life insurance business on the mainland and is applying to set up new branches.
In June, the insurer received approval to transform its Shanghai branch into a wholly foreign-owned life insurance company, the first of its kind to obtain such approval.
The establishment of AIA Life marks another landmark moment for the new round of opening-up of China's financial industry, reported Shine.cn quoting Wu Qing, Shanghai’s vice mayor.
Mr Lee Yuan Siong, CEO and president of AIA Group, said it will continue to provide quality products and services to more Chinese families and attract more talent to join the insurance industry.
AIA set up a branch in Shanghai in 1992, one of the first non-local insurance institutions to be granted life insurance business licences after China’s reform and opening-up, and it is the first insurance company to introduce the insurance agent system to China.
Source: Asia Insurance Review
