China-US Insurance Advisory Co Ltd, the joint-venture agency distribution company between PICC Group and American International Group, opened for business in Beijing on March 26.

"We are excited about the opportunity to collaborate with PICC Life to develop a professional distribution network that provides comprehensive financial and insurance products to the Chinese market," said John J. Carey, chairman of AIG China and CEO of the PICC-AIG strategic cooperation, at a news briefing.

In December 2012, AIG was the largest cornerstone investor in the PICC initial public offering at $500 million. In connection with this investment, PICC Life and AIG agree d to form the joint agency distribution company.

AIG owns 24.9 percent of the distribution company while PICC Life holding the remaining 75.1 percent. Board seats as well as management assignments are based on share holdings.

The company plans to offer jointly developed life and retirement insurance, existing PICC life products, PICC Property & Casualty insurance, AIG P&C products, as well as other products aimed at meeting the needs of this developing market.

"Our vision is to be a leader of distribution in comprehensive financial services, and to offer a suite of product solutions designed to better address the needs of our target consumers through optionality and affordability with death benefit, critical illness accident, and income features," said Zhu Shuiming, CEO of the JV distribution company.