AIA China clinches approval to establish Anhui branch

Anhui has a population of 60 million people.

AIA China has received regulatory approval to establish a new branch in the Anhui province.

Branch operations in Anhui will commence once final regulatory approvals are secured, according to a press release.

Anhui, a province in Eastern China, has a population of over 60 million, at least 17 million of which are middle class consumers, according to AIA. It has a gross domestic product of RMB4.7t.

AIA has “significant” headroom to grow in China and other geographies, said Lee Yuan Siong, AIA Group chief executive and president.

“Following the planned expansion into Anhui, AIA China will have added six new geographies since 2019, extending our reach by more than 100 million target customers in regions with a combined GDP of RMB28 trillion,” Lee said in the announcement of the new Anhui branch.

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.