Manulife Financial Corp. of Toronto announced Wednesday that its Manulife-Sinochem Life Insurance joint venture has been authorized to sell group life and health policies and enter the pension business in China.
Manulife-Sinochem is 51%-owned by the Canadian insurer and 49% by China Foreign Economic and Trade Trust and Investment Co., a unit of state-owned Sinochem Corp., Canadian Press reported.
Manulife said the expanded license granted by the China Insurance Regulatory Commission will "significantly enhance Manulife-Sinochem's current product portfolio - bringing our business scope in line with that of any domestic insurer - which we plan to take full advantage of as soon as possible."
Manulife noted that it is the only Canadian life insurer to have gotten this license extension.
