AIG China unit wins approval to set up Beijing branch

BEIJING, Jul 09, 2008 (XFN-ASIA via COMTEX) -- AIG | Quote | Chart | News | PowerRating -- American International Group Inc (AIG) said its wholly-owned subsidiary, AIG General Insurance Company China Ltd (AIG General), has won regulatory approval to establish a branch in Beijing.

This 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 said.

Last year, AIG won China approval to consolidate its property insurance operations in Shanghai, Guangzhou and Shenzhen into a locally-incorporated subsidiary, AIG General, headquartered in Shanghai, making it one of the 10 foreign property insurance companies that have won China incorporation so far.

AIG General reported premium income of 383.61 mln yuan in the first five months of 2008, ranked first among foreign property insurers in China in terms of premiums.

AIG also gained ground in China's life insurance market through another unit, American International Assurance (AIA), which has operations in eight China cities, including Shanghai, Beijing and Shenzhen.

(1 usd= 6.8 yuan)

allen.shu@xfn.com

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