Yantai — Manulife-Sinochem Life Insurance Co. Ltd. (MSL) has been granted a new license for a sales office in Yantai, Shandong province. In 2007, Manulife-Sinochem has been expanding its business across the country and today’s announcement follows hot on the heels of recent news that the company has also been granted licenses in Fuzhou, Fujian province and Taizhou, Zhejiang province. The company now operates in a total of 26 cities across China.
“We are delighted to be able to develop our business in Shandong province with a new office in Yantai. Earlier this year, we established a branch office in the provincial capital city – Jinan and followed that up by getting approval to start operations in Weifang. We would like to extend our thanks to the Chinese governmental supervisors and to the local communities in these cities, who have given us great support as we strive to become a nation-wide insurer,” said Mr. Marc Sterling, Chairman of Manulife-Sinochem.
Yantai is a coastal city in the middle part of Shandong’s coastal area. It is also an area of Shandong that is developing commercially, In 2006, it’s gross domestic product reached RMB201.2 billion and this provides great potential and opportunities for a company like Manulife-Sinochem.
“As Manulife-Sinochem has been operating in China for 11 years, we have a thorough understanding of the Chinese market and we feel we are well positioned to offer service excellence and world-class products to local consumers. At the same time, we believe it is also important to contribute to the local community by helping to provide employment and by supporting local social initiatives.” commented by Mr. James Lin, President of Manulife-Sinochem. “Building on our existing successes in China, our aim is to provide customers in Yantai with a newly expanded portfolio of quality products and services. We look forward to becoming a significant employer in the area, offering rewarding career opportunities to skilled, local professionals.”
As the first foreign insurance joint venture in China, Manulife-Sinochem began operations in Shanghai on November 26, 1996. Today, the company has over 8000 staff and agents serving more than 300,000 clients in Shanghai, Beijing, Guangdong, Zhejiang, Jiangsu, Sichuan, Shandong and Fujian.
Manulife-Sinochem is proud to be sponsoring the Olympic Games in Beijing in 2008. It recently announced its partnership with the Chinese Taekwondo Federation to support the team as they strive for Olympic glory in Beijing. Training hard for the Beijing 2008 Olympic Games, Olympic Taekwondo gold medalist and Manulife-Sinochem’s Olympic ambassador, Luo Wei said: “ As an Olympic sponsor, Manulife-Sinochem has given great support to Chinese athletes like me and has really helped to bring the Olympic spirit to people throughout China. Their mission to be the best at what they do is one with which many Olympic athletes identify and I congratulate them on today’s announcement, the latest in a long line of achievements for their business so far in China.”
Manulife-Sinochem is a joint venture company between Manulife (International) Limited (51 per cent) and China Foreign Economic and Trade Trust & Investment Company, a member of the Sinochem group (49 per cent).
China Foreign Economic and Trade Trust & Investment Company (FOTIC) is a core enterprise of Sinochem. Sinochem, founded in 1950, is one of the biggest foreign trading companies in China. Since 1989, Sinochem has topped the list of the country’s 500 leading foreign trading companies and has also been recognized as a Fortune 500 company for 17 consecutive years. Sinochem can be found on the Internet at www.sinochem.com.
About Manulife Financial
Manulife Financial is a leading Canadian-based financial services group serving millions of customers in 19 countries and territories worldwide. Operating as Manulife Financial in Canada and Asia, and primarily through John Hancock in the United States, the Company offers clients a diverse range of financial protection products and wealth management services through its extensive network of employees, agents and distribution partners. Funds under management by Manulife Financial and its subsidiaries were Cdn$399.0 billion (approximately HK$3,111.7 billion) as at September 30, 2007.
Manulife Financial is one of two publicly traded life insurance companies in North America whose rated life insurance subsidiaries hold Standard & Poor’s Rating Services’ highest “AAA” rating and Moody’s Investor Services’ second highest “Aa1” rating, both representing financial strength.
Manulife Financial Corporation trades as ‘MFC’ on the TSX, NYSE and PSE, and under ‘0945’ on the SEHK. Manulife Financial can be found on the Internet at www.manulife.com.
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