Manulife-Sinochem Life Insurance Co. Ltd., a joint venture subsidiary of the Toronto insurance company Manulife Financial, said Tuesday that it has started the group insurance business it has been preparing since the recent lifting of product restrictions for foreign insurers by the Chinese government.
The company said it will first offer group insurance to employers in Shanghai, Guangzhou, Beijing, and Ningbo, then roll out the program in the other Chinese cities where it has operations or soon will have - Foshan, Dongguan, Hangzhou, and Nanjing.
"Manulife-Sinochem has opened four branches in China and is operational in six cities," James Lin, the subsidiary's general manager, said in a press release. "The company will open three or four more branches this year and plans to devote even more resources [to] developing the group insurance business in each of these cities. Manulife as a whole is placing great emphasis on the expansion of its China operations … ."
The joint venture is 51%-owned by Manulife (International) Ltd., and China Foreign Economic and Trade Trust & Investment Co., a member of the Sinochem group, has a 49% stake.
