Suzhou– Manulife-Sinochem Life Insurance Co. Ltd. (MSL), a subsidiary of Canada-based Manulife Financial and the Official Life Insurance Partner of the Beijing 2008 Olympic Games, has received approval from the China Insurance Regulatory Commission (CIRC) Jiangsu Bureau to open a sales office in Suzhou, its fifth city in Jiangsu province. Manulife-Sinochem is now licensed to operate in a total of 23 cities in China.
Under the new license, Manulife-Sinochem will be able to offer a wide range of financial and medical products, including Group Life and Health products and non-tax benefit pensions, to companies, families and individuals in Suzhou.
Since it established its Jiangsu branch in the city of Nanjing in December 2005, Manulife-Sinochem has rapidly developed its business and now has a presence in most of the Province’s major economic cities, with offices in Nanjing, Wuxi, Changzhou, and Zhenjiang.
“Thanks to the ongoing support of the Chinese government and supervision agency, we are delighted to be able to open a new office in Suzhou,’ said Mr. Marc Sterling, Chairman of Manulife-Sinochem. “Today’s announcement is an important step in the expansion of our business in Jiangsu province.”
Suzhou is located in the southeast of Jiangsu province, 80km east of Shanghai. In 2006, the GDP of Suzhou was RMB482.03 billion and its average disposable income was RMB18,532. In addition, total Life Insurance Premiums in 2006 were RMB5,379.9 million1.
Mr. James Lin, President, Manulife-Sinochem said: “Leveraging on our 11 successful years in the China market and especially our experience in Jiangsu province, we look forward to providing even more local citizens with high quality insurance products and services in the future.”
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$410 billion (approximately HK$3,016.4 billion) as at June 30, 2007.
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 Source: http://www.suzhou.gov.cn
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