AIA China has received regulatory approval from the National Financial Regulatory Administration (NFRA) Zhejiang Bureau to begin preparations for a branch in Zhejiang province, as part of its ongoing geographic expansion in Mainland China.
Zhejiang represents a significant economic and insurance market opportunity. The province’s gross domestic product (GDP) reached RMB 8.3 trillion in 2023, making it the fourth-largest economy in China. It also ranks third in per capita disposable income, trailing only Shanghai and Beijing.
With a population of about 66 million – more than three-quarters of whom are classified as middle-class consumers – the province has seen robust growth in life and health insurance demand.
In 2023, life insurance premiums in Zhejiang totalled RMB 168.3 billion, making it the fourth-largest market for life insurance in Mainland China.
In announcing the approval, AIA group chief executive and president Lee Yuan Siong described the new branch as part of the company’s larger strategy to deepen its presence in China’s insurance sector.
“AIA has made excellent progress in executing our expansion strategy in Mainland China, having secured recent approvals to prepare for new branches in Anhui, Chongqing, Shandong, and now Zhejiang,” he said.
He noted that these expansions bring an additional 100 million potential customers into the company’s reach, allowing it to access more than 70% of Mainland China’s life insurance market.
Fisher Zhang, AIA China chief executive officer, highlighted the importance of regulatory collaboration in the company’s growth.
“I would like to express our gratitude to the NFRA and for the guidance provided by the local bureaus in Anhui, Chongqing, Shandong, and Zhejiang,” he said.
He added that expanding into these regions supports the company’s strategy of delivering tailored insurance and savings solutions for the evolving needs of China’s middle-class population.
AIA plans to launch operations in Zhejiang after completing the required regulatory approvals.
The company has an established presence in key markets – including Beijing, Shanghai, Shenzhen, Jiangsu, and Guangdong – and has recently expanded to other provinces such as Hebei, Henan, Hubei, Sichuan, and Tianjin.
In 2020, AIA China became the first fully foreign-owned life insurer in Mainland China, following regulatory reforms allowing foreign companies broader market access.
