To focus its operational growth in China through its Manulife-Sinochem Life Insurance partnership
Manulife Financial has affirmed that it continues to focus its operational growth in China through its Manulife-Sinochem Life Insurance Company partnership, which is currently licensed in 36 cities across 10 provinces in China. This came in response to Chinese media reports that some foreign insurance companies may be planning to scale back operations in the country.
The Manulife-Sinochem partnership has more than 11,000 professionally-trained staff and agents serving over 450,000 customers, claims the company.
Manulife also confirmed that its subsidiary, John Hancock International has gained regulatory approval in China for the sale of its 50% stake in John Hancock Tianan Life Insurance, an asset acquired with the 2004 merger with US-based John Hancock. The completion of this non-material transaction achieves Manulife’s long-held intention to focus on its original partnership with Manulife-Sinochem.
Manulife Financial is a Canadian financial services group operating as Manulife Financial in Canada and Asia, and primarily through John Hancock in the US. The company offers a range of financial protection products and wealth management services through its network of employees, agents and distribution partners.