Major global insurance provider American International Group (AIG) has received the go-ahead from the Chinese authorities for its life and general insurance subsidiaries in China to expand into two new territories.
American International Assurance Company Limited and AIU Insurance Company Inc., respectively, have received approvals from the China Insurance Regulatory Commission (CIRC) for expansion throughout Guangdong province. Approval has also been received for the life insurance outfit to expand throughout Jiangsu province.
Guangdong province and Jiangsu province, with populations of 91 million people and 74 million people respectively, are two of the top three Chinese provinces in terms of total economic activity. With their burgeoning middle classes, these provinces have a growing need for insurance products catering to both the individual and small business sectors, AIG contests.
Commenting on the positive development, AIG’s senior vice president for life insurance, Edmund Tse, said: These approvals will lead to a much larger sales base for AIG companies in China.
[The company] is extremely well positioned to offer quality insurance products and services in these markets. We are pleased to extend AIG’s reach in these two major provinces, and look forward to providing additional financial security to Chinese people.