American International Group Inc. has announced that its subsidiary in Shanghai, AIG General Insurance Co. China Ltd. (AIG General), has gotten approval from the China Insurance Regulatory Commission to open a Beijing branch.
This is the next step planned by AIG General to expand in China after its incorporation as a wholly owned foreign enterprise last September, the company said on Monday.
Before establishing AIG General last year, its parent, AIU Insurance Co., had branches in Shanghai, Guangdong, and Shenzhen that were consolidated into AIG General.
In 1992, AIG became the first foreign insurance organization to get a license to operate general and life insurance businesses in the People's Republic of China.
AIG General is to join several other AIG companies with operations in Beijing, including AIG Business Consulting Co. Ltd. and its life operation, American International Assurance Co. Ltd., which has set up 17 sites in the capital since establishing its first Beijing branch location in 2002.
