Suzhou – Manulife-Sinochem Life Insurance Co. Ltd. (MSL), as the first foreign insurance joint venture in China, today holds the grand opening ceremony of its Suzhou Sales Office of Jiangsu Branch.
As one of the first foreign life insurance joint ventures to enter the Jiangsu market, Manulife-Sinochem first established a branch office in Nanjing on Dec 2005 and from then on has been leading development of the life insurance industry in this province with the subsequent opening of sales offices in Wuxi, Changzhou and Zhenjiang.
“Thanks to the ongoing support from the Chinese regulators, we are delighted to establish a new sales office in Suzhou. Today is a big step for us as we continue to develop our business in Jiangsu province,” said Mr. Marc Sterling, Chairman of Manulife-Sinochem.
According to a Chinese proverb, Suzhou is paradise on earth. Located in the southeast of Jiangsu province, Suzhou is famous for its historic architecture. In recent years, Suzhou has also been growing into a high-tech modern production centre. In 2006, its gross domestic product reached RMB 482 billion and its insurance industry has been growing significantly in the recent years.
“Leveraging our existing experience in the Jiangsu market, we aim to build a great team that provide excellent service to local residents in Suzhou,” commented Mr. James Lin, President of Manulife-Sinochem. “We will continue to build our reputation for professionalism and trustworthiness. We also look forward to becoming a significant employer in Suzhou and to offering rewarding career opportunities across all areas of our business to skilled, local professionals.”
Olympic Taekwondo gold medalist and Manulife-Sinochem Olympic ambassador, Luo Wei, who is now busy preparing for the Beijing Olympic Games said: “As an Olympic sponsor, Manulife-Sinochem has given great support to Chinese athletes like me and has really helped to bring the Olympic spirit to people throughout China. Their mission to be the best at what they do is the same one with which many Olympic athletes identify and I would like to congratulate them on the new achievements they continue to make in 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 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$399.0 billion (US$400.5 billion) as at September 30, 2007.
Manulife Financial is one of two publicly traded life insurance companies in North America whose rated life insurance subsidiaries hold Standard & Poor’s Rating Services’ highest “AAA” rating and Moody’s Investor Services’ second highest “Aa1” rating, both representing financial strength.
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.
- 30 -
For more information, please contact:
Phone: (86-21) 5049-2288 x5495
Mobile: (86) 1350 1919 675