TORONTO, March 4, 2010 – Manulife-Sinochem (MSL) announced that it has been granted two new licenses from the China Insurance Regulatory Commission (CIRC) to operate in Linyi, a city of 10 million people in Shandong province and Yancheng, with 8 million people in Jiangsu province. The new licenses bring MSL’s total to 41 – creating one of the largest insurance foreign-invested joint venture networks in China.
“We are very pleased to be able to open new sales offices in Yancheng and Linyi and look forward to providing these two new markets the quality insurance products and excellent service Manulife-Sinochem is known for,” said Mr. Marc Sterling, Chairman of Manulife-Sinochem.
Linyi, the largest city in Shandong, maintained high economic development throughout the financial crisis, increasing its gross domestic product (GDP) by 18% in 2008 over 2007. Insurance premium income in the city was RMB 3317 million (USD 487.8 million) in 2008, 46.8% higher than the previous year.(1)
Yancheng, in central Jiangsu, is the province’s second largest city. The province’s gross domestic product (GDP) in 2008 was RMB 162.3 billion (USD 23.8 billion), an increase of 13% from the previous year while premium income in 2008 reaching RMB 3.71 billion (USD 543 million), an increase of nearly 40% over the previous year.(2)
“With 14 years experience in the areas of agency training, product design, market exploration and customer service in China, Manulife-Sinochem looks forward to rapid development in the insurance market of these two important locations,” said Mr. James Lin, President of Manulife-Sinochem.
As the first joint venture insurance company in China, Manulife-Sinochem has over 11,000 professionally trained agents and employees, and provides financial and insurance services to over 500,000 customers. With this latest approval, Manulife-Sinochem is licensed in cities that are home to more than 300 million individuals.
Manulife-Sinochem is a joint venture company between Manulife (International) Limited and China Foreign Economy and Trade Trust Company (a member of the Sinochem group). It was the first Chinese-foreign joint-venture life insurance company established in China. Manulife-Sinochem began operations in November 1996. To date it has over 11,000 professionally trained agents and employees, providing financial and insurance services to over 500,000 customers. The company is now developing in over 40 cities including Shanghai and Beijing, and in provinces including Guangdong, Zhejiang, Jiangsu, Sichuan, Shandong, Fujian, Chongqing and Liaoning. With more than ten years’ successful experience, Manulife-Sinochem is committed to offering comprehensive insurance products combined with excellent customer service and professionalism.
Manulife-Sinochem can be found on the internet at www.manulife-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 customers 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 $440 billion (US$ 420 billion) as at December 31, 2009.
Manulife Financial Corporation trades as ‘MFC’ on the TSX, NYSE and PSE, and under ‘945’ on the SEHK. Manulife Financial can be found on the Internet at www.manulife.com.
China Foreign Economy and Trade Trust Company (FOTIC) is a core enterprise of Sinochem. Sinochem is an important state-owned enterprise in China, with main focus in the sectors of agriculture, energy, chemicals, finance and real estate. It is also one of the four largest state-owned oil companies in China and the largest fertilizer provider that manufactures, distributes and markets all varieties of fertilizers. Sinochem has been listed among the Fortune Global 500 companies 19 times and ranked 170th in 2009. Sinochem can be found on the Internet at www.sinochem.com.Tags: China, Manulife