The China Insurance Regulatory Commission allowed the company to operate in the province of Tianjin

Manulife-Sinochem Life Insurance has received approval from the China Insurance Regulatory Commission (CIRC) to operate in the province of Tianjin.

The new license was granted on the heels of the recent trip to China led by Canadian finance minister, Jim Flaherty, who was accompanied by the governor of the Bank of Canada, Mark Carney, superintendent of Financial Institutions, Julie Dickson, president and CEO of Manulife, Donald Guloien and other Canadian financial industry leaders.

The new branch license is likely to expand Manulife-Sinochem’s operational presence in China to around 37 cities across 11 provinces.

Donald Guloien, president and CEO of Manulife Financial, said: “Manulife continues to see excellent opportunities to expand as we apply our products and skills to help meet the savings, protection and investment needs of customers across China. We are delighted with the positive support we have received from the Canadian and Chinese governments and our outstanding partner, Sinochem.”