The Company celebrates its 25th license in China
Zhejiang — Manulife-Sinochem Life Insurance Co. Ltd. (MSL), the first foreign insurance joint venture in China, today announces that it has received approval from the China Insurance Regulatory Commission to establish a new sales office in Taizhou, Zhejiang province.
This news means that Manulife-Sinochem is now licensed in 25 cities in China. Today, the company employs over 8,000 staff and agents serving more than 300,000 clients in cities such as Shanghai, Beijing, Guangdong, Zhejiang, Jiangsu, Sichuan, Shandong and Fujian.
Zhejiang is an important province on Manulife-Sinochem’s national development map and the company has already established operations in Ningbo, Hangzhou, Shaoxing and Wenzhou, achieving swift and stable growth in the local area.
“We are very grateful for the continued support from the Chinese government and local communities, and we are excited to be further developing our business and taking important steps forward in a new city,” said Mr. Marc Sterling, Chairman of Manulife-Sinochem. “Taizhou is an important city in Zhejiang, with a thriving financial and insurance industry. We are looking forward to providing excellent customer service to the companies, families and individuals of Taizhou backed up by a wide range of world-class financial and medical products for all stages of life.”
Taizhou is situated in the middle part of Zhejiang’s coastal area. Commercially, it is a significant area of development in the Zhejiang province with a gross domestic product of RMB 146.7 billion in 2006.
“Manulife-Sinochem has been operating in China for 11 years. Sinochem’s understanding of the Chinese market and Manulife’s insurance expertise have resulted in considerable developments in agency training, product design, market exploration and service effectiveness. We hope to continue building this good brand image in Taizhou,” commented Mr. James Lin, President of Manulife-Sinochem. “We are glad to provide customers with our newly expanded portfolio of quality products and services and to offer rewarding career opportunities to talented, local people.”
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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For more information please contact:
Helena Lee / Lily Chan
Manulife (International) Limited
Tel: (852) 2202 1050 / 2510 3191
Fax: (852) 2234 6875