This follows similar regulatory green lights for branches in Anhui and Shandong provinces, signalling AIA’s continued push to expand in the Chinese insurance market.
Chongqing, one of China’s four directly administered municipalities along with Beijing, Shanghai, and Tianjin, has a population of about 32 million and a gross domestic product surpassing RMB 3 trillion.
Designated as a hub for regional growth through initiatives such as the Chengdu-Chongqing Economic Circle, Chongqing has been targeted by national policies promoting economic development in China’s western region.
These factors have led to increased demand for health and financial protection products, particularly as the city attracts professionals in science, technology, and manufacturing.
Lee Yuan Siong, AIA Group chief executive and president, said the approval to prepare for a branch in Chongqing is a key step in the group’s expansion plan.
“We are pleased to receive regulatory approval to expand into Chongqing, following the recent approvals to prepare for new branches in Anhui and Shandong,” he said, noting that Chongqing will be AIA’s 13th province or municipality in Mainland China, helping the company reach millions of middle-class families in one of the world’s largest insurance markets.
He emphasised that AIA’s approach centres on a “Premier Agency” model, which is designed to meet evolving customer needs through personalised service and professional agents.
“Through our differentiated Premier Agency strategy, exceptional people, and purpose-driven culture, we look forward to bringing AIA’s unique model to Chongqing and contributing to the ongoing development of the life insurance industry in Mainland China,” he said.
AIA China CEO Fisher Zhang thanked the NFRA Chongqing Bureau, highlighting the company’s commitment to building a skilled, locally rooted agency force in Chongqing.
“Our recruitment and training programmes will attract top talent to our world-class agency force, which is equipped to meet evolving customer needs,” he said, underscoring AIA’s mission of supporting healthier and longer lives through comprehensive insurance solutions.
The Chongqing branch is expected to launch once final regulatory approvals are granted. This expansion aligns with AIA China’s recent growth, which includes branches in major regions such as Beijing, Guangdong, Jiangsu, Shanghai, and Shenzhen, as well as new operations in Hebei, Henan, Hubei, Sichuan, and Tianjin.
In 2020, AIA China became the first life insurer in Mainland China to operate as a wholly foreign-owned entity.
