Manulife-Sinochem Receives Licence to Operate in New Location in China

Toronto-based Manulife Financial announced that its Chinese joint-venture, Manulife-Sinochem Life Insurance Co. Ltd., has received approval from the China Insurance Regulatory Commission to operate in the city of Shantou. The new licence will expand Manulife-Sinochem’s operational presence in China to 38 cities across 11 provinces. This is the eighth license in the province of Guangdong and Manulife-Sinochem currently has about 11,500 professionally trained staff and agents serving over 450,000 customers across China. Manulife (International) Limited and China Foreign Economic and Trade Trust & Investment Company, a member of the Sinochem group, have a respective 51% and 49% interest the joint venture.