June 19, 2020 / 11:18 AM / 22 days ago

China approves AIA application to convert mainland branches into life insurance unit

BEIJING (Reuters) - China’s banking and insurance regulator said on Friday that it had approved an application by insurer AIA Group Ltd (1299.HK) to convert all its branches in mainland China into a wholly-owned life insurance subsidiary to be headquartered in Shanghai.

The new unit will operate under the name AIA Life Insurance Co Ltd, according to a statement of China Banking and Insurance Regulatory Commission. (CBIRC)

China removed foreign shareholding restrictions on life insurers in January to further open up the financial market.

Reporting by Cheng Leng, Judy Hua and Ryan Woo

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