Shanghai– Manulife-Sinochem Life Insurance Co., Ltd. (MSL) today celebrates the grand opening of its new sales office in the city of Changzhou, Jiangsu province - the Company’s third operation in the province.
The first foreign-invested joint venture life insurance company in China, Manulife-Sinochem started operations in Jiangsu’s provincial capital city, Nanjing, in December 2005 and opened a further office in the provincial primary city of Wuxi in September 2006. Earlier this year, the Company was granted approval by the China Insurance Regulatory Commission (CIRC)’s Jiangsu bureau to open this latest office in Changzhou. Manulife-Sinochem is currently also applying for licences in Zhenjiang and Suzhou as it focuses on steadily extending its business throughout the province.
“Thanks to the ongoing support of the Chinese government and supervision agency, we are delighted to be opening our sales office in Changzhou today,’ said Mr. Marc Sterling, Chairman of Manulife-Sinochem. “Today’s announcement is an important step in the expansion of our business in Jiangsu province and it is a wonderful start to our second decade in China.”
Changzhou is an ancient cultural city with a history dating over 2,500 years. Today, it is a developing industrial city boasting a modern-day style and an economy that has experienced rapid development since the publication of China’s Reform and Open Door policy. Recently, Changzhou was listed by the government as one of 50 Chinese cities with the best investment environment and has also been named as a “National Model City in Environmental Protection1” in recognition of the city’s efforts to provide an environment in which both citizens and businesses can thrive.
“Over the past few years, Manulife-Sinochem has experienced rapid growth in Jiangsu Province,” said Mr. James Lin, President, Manulife-Sinochem. “Leveraging on our 10 successful years in the China market and especially in Jiangsu province, we look forward to providing even more local citizens with premium insurance products and services in the future.”
Fresh from her victory at the 2007 Chinese National Taekwondo Championships and National Olympic Qualification for Beijing 2008 last month, Olympic gold medalist and Manulife-Sinochem’s Olympic ambassador, Luo Wei said: “I congratulate Manulife-Sinochem on this important day for the Company. Their mission to be the best at what they do is one with which many Olympic athletes identify. Today’s launch of their Changzhou branch is a tribute to the hard work and determination of the Manulife-Sinochem team and I wish them every success in the future.”
Experiencing rapid geographical and product expansion
In November 2002, Manulife-Sinochem received the first Branch license granted to a foreign-invested joint venture insurance company. Under the lifted geographical restrictions for foreign insurers by the Government, as part of its commitment to the World Trade Organization, Manulife-Sinochem has since received many new licenses that are permitting the rapid expansion of its business.
In January 2005, CIRC granted Manulife-Sinochem license to significantly enhance its current product portfolio to include Group Life and Health and non-tax benefit Pension business, bringing its business scope in line with that of domestic insurers.
Today, Manulife-Sinochem’s 6,000-strong staff and agency force serve more than a quarter of a million customers across all cities where it operates.
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 15 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$426 billion (approximately HK$2,889.4 billion) as at March 31, 2007. www.manulife.com.
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