Aetna has opened an office in Shanghai, China. This is the first step in the two-year process required before a foreign insurer can apply for a license in China.In late March 2008, Aetna, through its international division Aetna Global Benefits (AGB), received official approval from the China Insurance Regulatory Commission (CIRC) for the opening of its Shanghai office.
More history of Aetna China:
Aetna was one of the first international insurers to enter China after the country's economic reforms. Aetna opened its first office in China back in 1993.
In 1997, Aetna established Pacific Antares Life Insurance Company, a joint venture with China Pacific Life Insurance Company.
In 1998, Aetna donated $10 million to Shanghai Jiao Tong University to establish a business school, named Aetna School of Management.
From 1992 to 2000, Aetna*** donated approximately $6 million to several leading Chinese universities, including Peking University, Sun Yat-sen University and Guangzhou University of Finance and Economics, to establish the Aetna Scholarship Program
In 2000, Aetna's global strategy was reorganized to focus on its health insurance business and related group insurance and, as part of that strategy, Aetna abandoned its global life insurance business. Aetna abandoned its global life and financial services business. Eventually, Aetna Pacific Life Insurance Company was sold to ING, but Aetna retained its international health business unit, Aetna Global Benefits.
In 2003, with special approval from the China Insurance Regulatory Commission (CIRC), Aetna became the global health insurance provider for the Beijing Olympic Broadcasting Company.
In March 2008, Aetna opened an office in Shanghai and began to actively explore the path of strategic development in China.
Aetna Global Benefits (AGB) Introduction:
Aetna Global Benefits is the international division of Aetna Inc. focused on providing comprehensive health care insurance solutions to multinational corporations and government agencies.AGB provides employees living, working, or traveling abroad and high AGB provides medical, dental, vision, life, disability, emergency assistance and health management programs to employees and high-income individuals living, working or traveling abroad. With the recent acquisition of Goodhealth Worldwide, AGB is the industry's largest and most prominent U.S.-based international insurance underwriter, with offices throughout the U.S., Europe, Asia, and the Middle East, supporting more than 350,000 members.