Insurance giant AIA wins license for China’s first wholly offshore-owned life insurer

Insurance giant AIA Co. Ltd. has received approval from China’s top insurance regulator to set up the first wholly offshore-owned life insurance company on the Chinese mainland, according to a government announcement on Friday, reported Caixin.

The announcement said that AIA will convert its Shanghai branch into a wholly-owned subsidiary. AIA is a subsidiary of Hong Kong-listed AIA Group Ltd., which is one of the largest life insurance groups in Asia.

The approval marks the latest development in the mainland’s broader drive to grant overseas investors wider access to its financial markets.