International insurance company, American International Group Inc, expects to get a license from China to sell group life policies "very soon," chief executive Martin Sullivan told investors at the company's annual meeting today. He said AIG's sponsorship agreement with English Premier League football club, Manchester United, will be significant, since there are "20 million fans in China and another 24 million throughout Asia." Earlier this week, Reuters reported, AIG said it had received approval to sell life insurance in two of China's top three provinces in terms of economic activity. It will also sell property casualty insurance in one of them. The latest license will involve selling employee benefits insurance at Chinese companies. "The entire insurance market in China is at an early stage," Donald Light, insurance analyst with Celent LLC told Reuters.
See also: Man U's $99m AIG shirt sponsor deal targets Asia (6 Apr)