Southern China Business Expansion for Manulife-Sinochem

Posted on Aug 05, 2010 by Sergio Ulloa (G+)  | Tags: Guangdong, Manulife-Sinochem, Southern China

Aiming to further expand their business operations in Guandong province, Manulife-Sinochem has recently announced the opening of a sub-branch in Shantou. Manulife-Sinochem is a life insurance joint venture between the Canadian life insurer Manulife and the China Foreign Economy and Trade Trust Company, a member of the Sinochem group. Shantou, an important port city located in the southern province of Guangdong, is one of the five special economic zones in China. The insurance market in China is undergoing rapid development, and the opening of this new sub-branch in Shantou reflects the steady growth in business operations that Manulife-Sinochem has been experiencing in Guandong, becoming a significant life insurer in China. Making good on their social responsibility, Manulife-Sinochem intends to nurture local talent to build a localised professional team, creating in the process more employment opportunities in the community. Back in 2002 Manulife-Sinochem opened its first branch in the city of Guangzhou, located in the province of Guandong. Since then, and within that same province, the company continues developing their business operations in the cities of Foshan, Dongguan, Zhongshan, Jiangmen and Huizhou. Based on figures released by the China Insurance Regulatory Commission (CIRC), during the first five months of 2010 the Guandong insurance market total original premium income of over US$8.4 million (EUR 6.4 million), of which life insurance accounted for US$6 million (EUR 4.6 million), approximately a 72 percent. Insurance Company mentioned: 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 the Company has more than 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, Liaoning and Tianjin.