China allows AIA to convert Shanghai branch into subsidiary

It is now the first foreign-owned life insurance subsidiary in the mainland.

The China Banking and Insurance Regulatory Commission (CBIRC) has allowed AIA to convert its Shanghai branch into a wholly-owned subsidiary, the first in Mainland China, according to a press note.

AIA will now begin the application process for separate regulatory approvals to establish branches of the subsidiary in additional territories in Mainland China. AIA’s operations in the country 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.

Photo courtesy of Pexels.com.

Also Read

Nan Shan Life to maintain improved capital and earnings through 2026

Cyberattacks cost Australian businesses $71,600 on average

Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

I want to download the media kit