AIA China has been granted approval by the China Banking and Insurance Regulatory Commission to open a new branch in Sichuan.
This will be AIA China’s first new branch since the inauguration of the wholly-owned life insurance subsidiary in July 2020, the Hong Kong-based AIA Group (1299) said.
“We are delighted to receive approval to prepare for AIA’s first branch in Western China," AIA Group chief executive and president Lee Yuan Siong said.
"This reflects the trust and confidence placed in us to make a lasting contribution to the sustainable development of the life insurance industry in the region. We are privileged to have the opportunity to provide AIA’s protection and long-term savings products to many more families and help deliver better shared outcomes for our communities.”
AIA's stocks were trading at HK$77.85, up 6.13 percent, on the news.
