AIA China has received approval from the China Banking and Insurance Regulatory Commission (CBIRC) Henan Bureau to start operations in Henan province.
Located in Mainland China, Hanan is the third most populous province with approximately 100 million people.
AIA Group chief executive and president Lee Yuan Siong said: “Mainland China offers tremendous growth opportunities for AIA as we deepen and broaden our presence in one of the most attractive insurance markets in the world.
“AIA is committed to investing in our business and executing our expansion strategy to provide products and services to new geographies, supporting the further development of the life insurance industry in Mainland China.”
It plans to leverage its premier agency model, digitally enabled operations, as well as bancassurance partnerships to offer solutions to millions more families in the country.
AIA China has operations in nine provinces and major urban areas of the country, including Beijing, Shanghai, Jiangsu, Guangdong, Shenzhen, Tianjin, Shijiazhuang, Sichuan and Hubei.
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AIA China chief executive officer Fisher Zhang said: “We are delighted to receive regulatory approval to open our new branch in Henan.
“The life insurance industry in Henan has significant growth potential, which is underpinned by a sizeable middle class population, a very large provincial economy with an annual Gross Domestic Product (GDP) amounting to RMB6.13tn in 2022, and an exceptional talent-pool for recruitment. We look forward to meeting the evolving protection needs of people in Henan.”
AIA Group, which was established in 1919 in Shanghai, and its subsidiaries form a leading independent publicly listed pan-Asian life insurance group.
Along with its subsidiaries, AIA has a presence in 18 markets including in Mainland China, Hong Kong SAR, Thailand, Singapore, Malaysia, and other parts of the globe.