First-line | AIA Sichuan Branch opened, and the number of Mainland exhibition markets increased to eight

QQ MusicNews “First Line” Author He Xi

After becoming the first wholly foreign-owned insurance company in Mainland China in 2020,AIAThe first stop of Life’s expansion is aimed at the western region. On April 22, 2021, AIA Sichuan Branch officially opened. This is the first province to expand after AIA’s “subsidiaries” obtained independent legal personality. “It’s been almost 20 years since AIA’s last branch was opened.” At the opening ceremony, AIA’s CEO Zhang Xiaoyu stated that subject to foreign investment status, AIA’s mainland branches have been Confined in Shanghai, Guangdong, Shenzhen, Beijing and Jiangsu. Until the beginning of 2019, due to the coordinated development of the Beijing-Tianjin-Hebei insurance industry, AIA added Tianjin and Shijiazhuang Marketing Service Departments in Hebei Province. In 2020, benefiting from the accelerated opening of China’s financial industry,AIAThe company obtained the approval of the China Banking and Insurance Regulatory Commission to restructure the Shanghai Branch of AIA Insurance Co., Ltd. into a wholly foreign-owned life insurance company, becoming the first wholly foreign-owned life insurance company in Mainland China to receive approval for establishment. This process is called “division and reformation”, which means that AIA has begun to have independent legal person status in the Mainland to develop its business and can develop its layout throughout the country. In terms of regional selection, AIA placed its first stop in Sichuan. Zhang Xiaoyu said that Sichuan Province is an important economic, technological, and cultural province with a total population of over 80 million. The rapid economic development of Sichuan Province and the increase in household income have provided a solid foundation for the sustainable development of the life insurance industry. Sichuan is also the eighth province and city that AIA has entered in the Mainland so far. During a media group interview on the afternoon of April 22, Zhang Xiaoyu revealed that after the application for the Sichuan branch was approved, AIA also submitted an application for another provincial branch. With the application of more provincial-level branches, China will accelerate to become the largest market for this global life insurance “one brother” with a market value of over one trillion Hong Kong dollars. Huang Jinghui, the former CEO and President of AIA Group, once confirmed to Tencent News “First Line” in an exclusive interview. Due to the release of multiple policy dividends and increasing insurance awareness, the future of the world’s insurance industry lies in China. In Huang Jinghui’s view, mainland China has surpassed Hong Kong, China to become the number one in the group, “the sooner the better.” He told Tencent News “First Line” that he had predicted within the group that the future of the insurance industry must be in the Asia-Pacific region. “Before 2025, the newly added middle-class population in the Asia-Pacific region is 1.2 billion. This new population is basically 6 times that of those outside the Asia-Pacific region. So you can imagine that the probability of growth in Asia is very high. of.” A large part of these newly added middle-class population comes from China. Huang Jinghui said that in the future, China will be a great driving force for Asian economic growth, and his confidence comes from this. AIA Group covers 18 markets in the Asia-Pacific region, including Hong Kong Special Administrative Region of China, Thailand, Singapore, Malaysia, Mainland China, South Korea, Philippines, Australia, Indonesia, Taiwan, Vietnam, New Zealand, Macau Special Administrative Region of China, Brunei, Cambodia and Myanmar have wholly-owned branches and subsidiaries, a 99% interest in a Sri Lanka subsidiary and a 49% interest in an Indian joint venture.