Shanghai – Manulife-Sinochem (MSL) today announced that it is expanding again in China, with approval from the China Insurance Regulatory Commission (CIRC) to operate in the city of Xiamen, a special economic zone in industrial-rich Fujian Province. The new license brings MSL’s total to 42 – creating one of the largest insurance foreign-invested joint venture networks in China.
“I am again grateful for CIRC’s support and encouragement. We are very pleased to be able to open a new branch in Xiamen, a beautiful coastal city with strong market potential,” said Mr. Marc Sterling, Chairman of Manulife-Sinochem.
Xiamen, located on the southeast coast, is an international port city and maintained high economic development throughout the financial crisis. The city’s gross domestic product (GDP) in 2009 was RMB 162.3 billion (USD 23.8 billion), an increase of 8% from the previous year. Insurance premium income in the city was RMB 3898 million (USD 573.2 million) in 2009, 24.7% higher than the previous year.1
“The granting of the new license is a very welcome step forward for Manulife-Sinochem as we continue to expand to serve Fujian province’s fast-growing insurance needs. With 14 years experience in the areas of agency training, product design, market exploration and customer service in China, Manulife-Sinochem looks forward to providing the quality insurance products and excellent service to customers in Xiamen,” said Mr. James Lin, President of Manulife-Sinochem.
As the first joint venture insurance company in China, Manulife-Sinochem now has over 11,000 professionally trained agents and employees, and provides financial and insurance services to over 500,000 customers.
About Manulife-Sinochem
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 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$446 billion (US$440 billion) as at March 31, 2010.
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.
About Sinochem
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.
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1Sources:http://www.Xiamen.gov.cn
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