AIA China Expands with New Zhejiang Branch

AIA China has received a significant boost as it got the go-ahead from the National Financial Regulatory Administration (NFRA) Zhejiang Bureau to commence the establishment of a new branch in the province. Zhejiang holds a crucial position in Mainland China’s economic landscape, boasting a remarkable gross domestic product of $1.14 trillion (RMB8.3 trillion), which places it fourth among all regions in the country.

This vibrant province is not only economically powerful but also densely populated, with 66 million people calling it home. What’s more, it has the third-highest per capita disposable income across the nation, and a staggering 75.8% of its residents belong to the middle class. In the insurance realm, Zhejiang has emerged as the fourth-largest life insurance market in China, with life insurance premiums amounting to $23.19 billion (RMB168.3 billion). This clearly showcases the surging demand for life and health protection among its populace.

Lee Yuan Siong, the Chief Executive and President of AIA Group, has emphasized the company’s continuous strides in expanding its presence in Mainland China. With recent approvals for branches in Anhui, Chongqing, Shandong, and now Zhejiang, he pointed out that these planned expansions are set to open doors to an additional 100 million potential customers. This strategic move will extend AIA’s reach and enable it to cover over 70% of the Mainland’s life insurance market, marking a significant milestone in the company’s growth and market penetration efforts.

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