Now operating in 38 cities, 11 provinces
TORONTO, Oct. 19 2009 – Manulife Financial today announced that it is expanding again in China, with confirmation that Manulife-Sinochem Life Insurance Co. Ltd. has received approval from the China Insurance Regulatory Commission (CIRC) to operate in the city of Shantou. The new license will expand Manulife-Sinochem’s operational presence in China to 38 cities across 11 provinces. Shantou has a population of five million and is located in southeast Guangdong province.
“With its population of more than five million people, Shantou is another significant step in our efforts to expand Manulife-Sinochem’s reach to serve clients across China,” stated Manulife Financial President and CEO Donald Guloien. “We are very pleased with the positive reception our products and services are receiving from our fast growing base of customers across China.”
“We were delighted to receive approval to open a new operation in the fast growing city of Shantou,” added Manulife-Sinochem Chairman, Marc Sterling. “As China’s population takes an ever stronger interest in options to meet their saving and financial protection needs, we plan to be with them each step of the way.”
Shantou, a vibrant port city on the South China Sea is a Canada-China twinned city with St. John, New Brunswick since 1997.
With this latest approval, Manulife-Sinochem is licensed in cities that are home to more than 276 million individuals. This is the eighth license in the province of Guangdong. Manulife-Sinochem currently has about 11,500 professionally trained staff and agents serving over 450,000 customers across 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).
Manulife-Sinochem can be found on the Internet at www.manulife-sinochem.com.
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 22 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$421 billion (US$362 billion) as at June 30, 2009.
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.