AIG is Approved to Open an Office in Beijing

In 2007, AIG received approval from the China Insurance Regulatory Commission to incorporate AIG General Insurance Company China Limited as a wholly owned foreign enterprise in China. AIG General has operated in operated branches in Shanghai, Guangdong, and Shenzhen after consolidating after incorporation as a WOFE.

The approval to expand to Beijing fits with AIG's plan to expand its geographic presence in China's growing insurance market.

From a press release by AIG, AIG General President and Chief Executive Officer Peter H. Flint said, "Beijing is a strategically important market for AIG 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. In terms of Gross Domestic Product, Beijing's economy would rank among the 60 most economically developed countries in the world. We look forward to serving our local and international customers in Beijing with our expanded network, and we are proud to continue our pioneering role in product innovation and industry standards."

The announcement comes about one month after AIG committed to contributing a $1 million donation to support earthquake relief and rebuilding efforts in China’s Sichuan Province. AIG also committed to matching all employee donations made to earthquake relief.