AIA has received approval from the China Banking and Insurance Regulatory Commission to convert its Shanghai Branch into a wholly-owned subsidiary of AIA. This new subsidiary will be incorporated in Shanghai and is the first wholly foreign-owned life insurance company approved for incorporation in Mainland China.
AIA will now begin the application process for separate regulatory approvals to establish branches of the newly incorporated subsidiary in additional territories in Mainland China.
Lee Yuan Siong, AIA Group Chief Executive and President, said: “We are delighted and honoured that AIA is the first foreign company to receive approval to set up a wholly-owned life insurance subsidiary in Mainland China. AIA traces its roots to Shanghai in 1919 and it is entirely fitting to base our new subsidiary in the city where we began.
“Since AIA’s return to Mainland China in 1992, we have focused on contributing meaningfully to the sustainable development of the life insurance industry. Our incorporation as a subsidiary is another significant milestone in AIA’s long history and a clear demonstration of our ongoing support for the further opening up of the financial services industry. We very much look forward to helping millions more Chinese families live Healthier, Longer, Better Lives.”
The business operations of AIA in Mainland China will continue as usual during the conversion process. All protections and benefits provided to policyholders under the relevant insurance contracts issued by the existing branches of AIA in Mainland China will remain valid and will be assumed fully by the newly incorporated subsidiary.
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