AIA and Aegon win approval for asset firms in Shanghai

The approvals were announced by Li Yunze, director of the NFRA.

AIA Group and Aegon Group have secured regulatory approval to establish wholly foreign-owned insurance asset management subsidiaries in Shanghai, marking the city’s first such ventures by international insurers, reported Yicai Global.

AIA will set up its asset management unit through its mainland entity, AIA Life Insurance, whilst Aegon will enter the market via direct investment. 

The approvals were announced by Li Yunze, director of the National Financial Regulatory Administration, at the 2025 Lujiazui Forum.

AIA’s new subsidiary aims to enhance the management of its insurance funds, expand its long-term investment capabilities, and deliver more specialised investment services. 

AIA Life, which was restructured from AIA’s Shanghai branch and began operations in 2020, is already the first wholly foreign-owned life insurer in mainland China.