TORONTO, Sept. 16 /CNW/ - In response to local media reports from China that some foreign insurance companies may be planning to scale back operations in the PRC, Manulife Financial today affirmed that it continues to focus its strong operational growth in China through its highly successful Manulife-Sinochem Life Insurance Co. Ltd. partnership, which is currently licensed in 36 cities across 10 provinces in China. The Manulife-Sinochem partnership has more than 11,000 professionally-trained staff and agents serving over 450,000 customers.
Manulife also confirmed that its subsidiary, John Hancock International has recently gained regulatory approval in China for the sale of its 50% stake in John Hancock Tianan Life Insurance, an asset acquired with the 2004 merger with US based John Hancock. The completion of this non-material transaction achieves Manulife's long-held intention to focus on its original partnership with Manulife-Sinochem.
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 '945' on the SEHK. Manulife Financial can be found on the Internet at www.manulife.com.
SOURCE Manulife Financial Corporation
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