Aeon Life Wins Approval for Shandong Branch

Aeon Life Insurance Company Ltd. won regulatory approval to set up a Shandong branch, which comes out of its latest efforts to expand across the country.

The Dalian-headquartered insurer, incorporated in June 2009, has opened Dalian business outlets and Hubei, Hebei, Liaoning, Beijing, Henan, Heilongjiang and Anhui branches as of August 2010, signaling strategic presence in middle, northern, eastern and northeastern of China. It plans to spend five years setting up province-level branches in about 20 provinces and cities.

According to China Insurance Regulatory Commission notice, Aeon Life Insurance could take maximum six months to prepare for the branch and then apply to CIRC Shandong Bureau for start of business.

The life insurer, with registered capital of CNY 1.11 billion, has 15 shareholders, of which eight ones including China Orient Asset Management Corporation, GD Power Development Co., Ltd., Dalian Rongda Investment Co., Dalian Huaxin Trust Co., Ltd., PDA Corporation, Dashang Group, Liaoning Shidai Wanheng Co., Ltd. and Zhejiang Neoglory Jewelry Co., Ltd. respectively owns a 9.01% stake in the insurer as the largest shareholder.