Beijing – Manulife-Sinochem Life Insurance Co. Ltd. (MSL), the first foreign-invested insurance joint venture in China, has been given approval by the China Insurance Regulatory Commission (CIRC) to open a new branch in Fujian province, China. The company will set up its first office in Fuzhou, the capital city of Fujian.
The news means that Manulife-Sinochem will now be licensed in 24 cities across China, with plans for further national expansion before the end of the year.
“The opening of our business in Fujian Province is an exciting step for our Company as it marks our further expansion in Southern China,” said Mr. Marc Sterling, Chairman of Manulife-Sinochem. “Thanks to the on-going support from government supervisors and local citizens, we are steadily building our presence in this area. Fujian’s economy is experiencing substantial growth, the market is growing steadily and is ripe for further development which provides great opportunities for life insurers such as Manulife-Sinochem. We look forward to offering our extensive portfolio of premium insurance and financial products and services to individuals and businesses in Fujian.”
The insurance industry in Fujian has experienced significant development in recent years in Fujian. In, 2006, the premium income of the whole province (Xiamen was excluded) was 14.66 billion yuan, increasing 16.5 percent from the previous year1
“It is very exciting for us to have the chance to contribute to the Fujian economy and we are looking forward to a further developing our business in Fujian. We will continue to focus on running the business in a professional way and to offering superior products and services to our customers. This is core to our long term development,” commented Mr. James Lin, President of Manulife-Sinochem. “We also look forward to becoming a significant employer in the area, offering rewarding career opportunities to skilled, local professionals. We aim to build a great team who will provide excellent service to local residents.”
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 (US$400.5 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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Notes to editors
1 Figures provided by the Chinese Insurance Almanac
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