AIG General Insurance Company China Limited, a subsidiary of American International Group Inc., has received approval to establish a branch in Beijing, China, American International Group announced.
The company said that approval by the China Insurance Regulatory Commission “marks the first step in AIG General's geographic expansion across China following its incorporation as a wholly-owned foreign enterprise in September 2007.”
AIG explained that AIG General's parent company, AIU Insurance Company, had branches in Shanghai, Guangdong and Shenzhen, and those branches were consolidated into AIG General at the time of its incorporation.
Peter H. Flint, AIG General president and chief executive officer, said in a statement, “Beijing is a strategically important market for AIG General. As the country's political center and seat of the central government, it offers significant growth potential.”
He noted, “Beijing is one of the world's largest cities. In terms of gross domestic product, Beijing's economy would rank among the 60 most economically developed countries in the world. We look forward to serving our local and international customers in Beijing with our expanded network, and we are proud to continue our pioneering role in product innovation and industry standards.”
AIG General is a provider of non-life insurance services for enterprises and individuals in China.
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.