AIA China expands with new Zhejiang branch

The planned expansions may tap into an additional 100 million potential customers.

AIA China received a green light from the National Financial Regulatory Administration (NFRA) Zhejiang Bureau to start establishing its new branch in the province.

AIA said Zhejiang is a critical region for economic growth in Mainland China, with a gross domestic product of $1.14t (RMB8.3t), ranking fourth nationwide. 

The province, home to 66 million people, has the third-highest per capita disposable income in the country and a middle-class population comprising 75.8% of its residents. 

As the fourth-largest life insurance market in China, Zhejiang recorded $23.19b (RMB168.3b) in life insurance premiums, reflecting the growing demand for life and health protection.  

Lee Yuan Siong, AIA Group Chief Executive and President, highlighted the company’s continued progress in expanding its footprint in Mainland China, with recent approvals for branches in Anhui, Chongqing, Shandong, and now Zhejiang. 

He noted that the planned expansions provide access to an additional 100 million potential customers, extending AIA’s reach to over 70% of the Mainland’s life insurance market.