Two insurance arms of the American International Group, American International Assurance and the AIU Co. that specialize in life and property insurance respectively, have officially opened their subsidiaries in Shenzhen, China's first special economic zone.

The two companies were approved to enter Shenzhen last year to become the first group of foreign insurers in China.

Shenzhen in south China's Guangdong Province is one of China's financial and insurance reform trailblazers, with six foreign multinationals approved to handle yuan business there so far.