TORONTO, Sept. 25 /CNW/ - 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 Province of Tianjin, one of China's fastest growing provinces.
The new license was granted on the heels of the recent trip to China led by Canadian Finance Minister Jim Flaherty who was accompanied by the Governor of the Bank of Canada Mark Carney, Superintendent of Financial Institutions Julie Dickson, Manulife President and CEO Donald Guloien and other Canadian financial industry leaders. The new branch license will expand Manulife-Sinochem's operational presence in China to some 37 cities across 11 provinces. Manulife-Sinochem currently has about 11,500 professionally trained staff and agents serving over 450,000 customers across China.
Manulife Financial President and CEO Donald Guloien said, "Manulife continues to see excellent opportunities to expand as we apply our products and skills to help meet the savings, protection and investment needs of customers across China. We are delighted with the positive support we have received from the Canadian and Chinese governments and our outstanding partner, Sinochem."
Manulife-Sinochem Chairman, Marc Sterling said, "We are very pleased to be able to open a new branch in the city of Tianjin. Tianjin is an important step in our Company's development."
Tianjin is located south east of Beijing, with a population of 11.8 million people. Tianjin is one of four special municipalities under the Central Government of 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 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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