AIG Subs Get Permission from CIRC for Further China Expansion

American International Group announced that its life and general insurance subsidiaries in China, 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. AIG also received approval for its life insurance subsidiary for expansion throughout Jiangsu province.

“The approvals enable branches of the two AIG subsidiaries to expand in Guangdong province and Jiangsu province,” the announcement noted. “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.”

Commenting on the news, AIG Senior Vice Chairman, Life Insurance, Edmund S.W. Tse stated: “These approvals will lead to a much larger sales base for AIG companies in China. Since AIG’s return to China in 1992, we have witnessed the tireless efforts of the Chinese government and insurance regulators to promote and develop their insurance industry. With our financial strength, emphasis on hiring, training and promoting local staff, agency training, and longstanding commitments to the China market, AIG 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.”