ÌìÃÀÍøÕ¾´«Ã½´«Ã½

American International Group, Inc. reported that its wholly owned subsidiary, ÌìÃÀÍøÕ¾´«Ã½´«Ã½ General Insurance Company China Limited, headquartered in Shanghai, Peoples Republic of China, has been granted approval by the China Insurance Regulatory Commission (CIRC) to establish a branch in Beijing.

This marks the first step in ÌìÃÀÍøÕ¾´«Ã½´«Ã½ General’s geographic expansion across China following its incorporation as a wholly owned foreign enterprise (WOFE) in September 2007. Prior to establishing ÌìÃÀÍøÕ¾´«Ã½´«Ã½ General last year, its parent company AIU Insurance Co. had operated branches in Shanghai, Guangdong, and Shenzhen, which were subsequently consolidated into ÌìÃÀÍøÕ¾´«Ã½´«Ã½ General at the time of its incorporation.

ÌìÃÀÍøÕ¾´«Ã½´«Ã½ Chairman and Chief Executive Officer Robert B. Willumstad said approval of a Beijing branch of ÌìÃÀÍøÕ¾´«Ã½´«Ã½ General is an important step forward in ÌìÃÀÍøÕ¾´«Ã½´«Ã½’s international growth strategy.

According to ÌìÃÀÍøÕ¾´«Ã½´«Ã½ General President and Chief Executive Officer Peter H. Flint, Beijing is a strategically important market for ÌìÃÀÍøÕ¾´«Ã½´«Ã½ General. “As the country’s political center and seat of the central government, it offers significant growth potential. Beijing is one of the world’s largest cities,” he said.

ÌìÃÀÍøÕ¾´«Ã½´«Ã½ traces its roots to China, where its earliest predecessor companies were founded by Cornelius Vander Starr in Shanghai in 1919. In 1992, ÌìÃÀÍøÕ¾´«Ã½´«Ã½ became the first foreign insurance organization to receive a license to operate general and life insurance business in the People’s Republic of China.

ÌìÃÀÍøÕ¾´«Ã½´«Ã½ General will join several other ÌìÃÀÍøÕ¾´«Ã½´«Ã½ Companies with operations in Beijing, including ÌìÃÀÍøÕ¾´«Ã½´«Ã½ Business Consulting Company Limited and its life operation American International Assurance Co. Limited, which has expanded to 17 locations across Beijing since establishing its Beijing Branch in 2002.

Source: American International Group, Inc.
www.aig.com

Topics China ÌìÃÀÍøÕ¾´«Ã½´«Ã½