AIA China has received regulatory approval to begin preparations for  establishing a new branch in Chongqing.

Chongqing is one of China’s four directly administered municipalities alongside Beijing, Shanghai and Tianjin, a strategic and major market equivalent to a province. It is the most populous city in the mainland with around 32 million residents and a gross domestic product of over 3 trillion yuan (US$415 billion).

Supported by national strategies like the Chengdu-Chongqing Economic Circle and the large-scale development of China’s western region, the city has emerged as a pioneering hub for science and technology innovation, advanced manufacturing and aerospace-related industries.

With a high concentration of top professional talent, the city’s dynamic workforce is driving demand for health and financial protection solutions.

The green light from the Chongqing bureau of the National Financial Regulatory Administration (NFRA) came after AIA recently received approvals to prepare for new branches in Anhui and Shandong provinces.

“This will extend our footprint to cover 13 provinces and municipalities that are home to millions of middle-class families in mainland China, one of the most attractive markets for life and health insurance in the world,” says AIA Group chief executive and president Lee Yuan Siong.

“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.”

Branch operations in Chongqing will commence once final regulatory approvals are secured. AIA China has operations in Beijing, Guangdong, Jiangsu, Shanghai, Shenzhen, and has expanded into new geographies including Hebei, Henan, Hubei, Sichuan and Tianjin.

AIA China received regulatory approval to become the first wholly foreign-owned life insurance company in mainland China in 2020.