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AIA recently entered into bancassurance cooperation agreement with Industrial and Commercial Bank of China after establishing such cooperation with 17 Chinese Banks.
According to the agreement, AIA’s China outlets will form cooperative relationship with ICBC. Both sides will launch cooperation not only in bancassurance business but also in a wide range of fields like deposits, asset custody, cash management, investment banking, electronic banking, credit cards, client service, financing credit line, and personnel training.
AIA took the lead to introduce insurance agent system into China in 1992. 2009 witnessed 76% of premiums of AIA China outlets were attributable to insurance agents while 12% came from bancassurance, far lower than the proportion of Chinese rivals. Fast growing bancassurance is considered major driver to the Chinese life insurance industry this year.
Statistics from the China Insurance Regulatory Commission show that AIA China outlets obtained CNY 8.041 billion in premiums last year, representing a year-on-year increase of 6.08%. The premiums for the first seven months of 2010 gained 3.07% to CNY 4.562 billion, versus the average 30% growth pace in the industry.
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