AIG is planning to offer higher-yield insurance products in China, China Daily reports.
But it’s not just investors in China but around the world who are looking for higher yields, analysts say.
Olin L. Wethington, chairman of AIG China, said he expects the insurance industry to grow 15% a year over the next few years, as the nation’s middle class continues to swell.
“We consider consumer choices for financial products as the starting point because there is a fast-growing middle class in China,” Wethington said. “Their earning power and savings are increasing, which may make them more willing to spend part of their income and savings on products that help to address risks like health and retirement.”