China’s Aeon Life Cleared for Beijing Branch

Aeon Life Insurance Co. Ltd. has won approval to set up a new branch in Beijing, according to the China Insurance Regulatory Commission.

Headquartered in northern China's Dalian city, Aeon Life began operations in June 2009. At the end of November, the insurer had total cumulative premium income of 310 million yuan (US$45.3 million), up from 39.83 million yuan in October, said the CIRC.

In the first 11 months of 2009, the Beijing market had total original premium income of 62.03 billion yuan, according to the CIRC. Of that, life insurance accounted for 41.07 billion yuan, property insurance 14.95 billion yuan, health insurance 5.05 billion yuan and accident insurance 959 million yuan.

(By Rebecca Ng, Hong Kong news editor: [email protected])