Shenzhen, China –Manulife-Sinochem Life Insurance Co. Ltd. (MSL), a subsidiary of Canada-based Manulife Financial and the Official Life Insurance Partner of the Beijing 2008 Olympic Games, today opens for business in the city of Shenzhen, Guangdong province.
“We are excited about the opportunity to begin operating in Shenzhen as it marks another milestone of our business development in southern China,” said Mr. Marc Sterling, Chairman of Manulife-Sinochem. “Thanks to support from government supervisors and the local public, we have successively opened offices in Guangzhou, Dongguan, Foshan, and Zhongshan and we look forward to offering our extensive portfolio of premium insurance and financial products and services to individuals and businesses in Shenzhen.”
As the first city in China to establish a special economic zone, Shenzhen has developed into a modern city with a strong and vibrant economy. Shenzhen is the third largest city in China in terms of insurance business. In 2004, the total insurance assets in Shenzhen totaled 250 billion yuan, representing a quarter of the country's total amount. The average insurance premium per person in Shenzhen was 3.5 times higher than the nation's average
“With a population of six million, Shenzhen is recognized as the financial center of southern China,” commented Mr. James Lin, President of MSL. “We look forward to becoming a significant employer in the area, offering rewarding career opportunities to skilled, local professionals.”
As the first joint venture life insurance company in China, Manulife-Sinochem is celebrating its 10th year of successful operation throughout 2006. Today Manulife-Sinochem has approximately 5,000 professionally trained agents and employees serving almost 250,000 customers.
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). Headquartered in Shanghai where it began its China operations in November 1996, Manulife-Sinochem opened China’s first foreign-invested joint venture life insurance branch office, in the city of Guangzhou, in November 2002 and has since been pursuing a rapid expansion strategy across the country.
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 15 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$372 billion (US$319 billion) as at December 31, 2005.
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.
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