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Manulife-Sinochem To Expand Operational Presence In China

Receives license approval to operate from Jinhua City and open five additional satellite offices across three provinces

Manulife-Sinochem Life Insurance has received approval from the China Insurance Regulatory Commission (CIRC) to operate in the city of Jinhua. It has also been granted licenses for five additional satellite offices across three provinces.

The company said that the new Jinhua insurance sales license will expand its operational presence in China to 39 cities across 11 provinces.

Manulife-Sinochem said that the five newly approved satellite offices are located in Fujian province, Shenzhen Special Economic Zone and in Zhejiang province. These offices are expected to provide greater sales presence where Manulife already has licensed offices.

The company said that the new insurance licenses were granted shortly after a visit to China by Stephen Harper, prime minister of Canada and minister of international trade on the heels of Manulife’s recent announcement that it will enter and expand in China’s fast growing wealth and asset management market, through its acquisition of a 49% interest in ABN AMRO TEDA.

Donald Guloien, president and CEO of Manulife Financial, said: “We are grateful for the continued strong support from our excellent Chinese partners and from the Canadian and Chinese governments as we continue to expand our presence in this very important and fast growing insurance and wealth and asset management market.”

Manulife-Sinochem is a joint venture company between Manulife and China Foreign Economic and Trade Trust & Investment Company, a member of the Sinochem group.