AIA expands into Tianjin and Shijiazhuang

Insurance giant AIA announced on Monday that it has begun to do business in Tianjin and Shijiazhuang, capital city of Hebei Province.

The underwriter currently operates in Shanghai, Beijing, Shenzhen, Guangdong and Jiangsu provinces.

The company aims to explore business opportunities brought by the integrated development of the Beijing-Tianjin-Hebei area and ride on the wave of China’s further opening up of its financial world, especially the insurance sector.

Boasting a population of 110 million and a GDP of 8.5 trillion yuan (US$1.23 trillion) by 2018, the Beijing-Tianjin-Hebei area has seen unbalanced development of the insurance industry, the century-old life insurer said. It believes there will be a huge demand for insurance protection and health management across the region in the future.

“We will grasp the historic opportunities of the coordinated development within the area, be committed to offering all-round health management solutions for customers in Tianjin and Shijiazhuang and becoming a health management partner for them,” said Zhang Xiaoyu, CEO of AIA China.

This year marks the 100th anniversary of the Asia-based insurance company.