American International Group’s CEO, Maurice “Hank” Greenberg, speaking at a news conference in the Chinese capital, Beijing, indicated that the company expects to see revenues from insurance premiums in the People’s Republic grow between 20 and 25 percent this year.
AIG’s premium revenue’s in China topped $200 million in 2001, and Greenberg, speaking at the opening of the company’s new Beijing office, is confident that they’ll continue to grow, as the company opens more offices. It’s received a license to operate in Suzhou, and expect additional license in Dongguan and Jiangmen to be accorded soon.
The company’s history – it was founded in Shanghai in 1919 – certainly appears to be working in its favor. As the first foreign insurer allowed to return to the Chinese market under the reform regime of Deng Xiao Ping, it is the only one that controls 100 percent of its Chinese subsidiaries, and doesn’t have to operate them in conjunction with a Chinese partner.
While the bulk of AIG’s revenues are currently being generated by its life insurance activities, property/casualty sales are increasing as well.
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