Manulife-Sinochem Life Insurance, a joint venture which is associated with Manulife Financial won approval Friday allowing it to expand its presence in China.
This subsidiary of the largest insurance company in Canada has received from the China Insurance Regulatory Commission for permission to operate its business in Tianjin, a province south of Beijing and live where 11.8 million people. Manulife-Sinochem, which combines Manulife and China Foreign Economic and Trade Trust & Investment, and may offer its services in 11 Chinese provinces. The joint venture will meet the needs of 450 000 customers using the 11 500 officers and agents.
"While we are leveraging our expertise and products to meet the needs of our Chinese customers on savings, protection and investments, we continue to take note of other excellent opportunities to strengthen our presence," said Friday by press release the president and CEO of Manulife, Donald Guloien. In addition, Manulife also announced Friday it completed the acquisition of the Canadian mutual fund retail AIC. The acquisition brings the total assets managed by Manulife on behalf of Canadians $ 13.9 billion, an increase of 38 percent.
"We now have an opportunity to increase the presence of Manulife's Canadian market for asset management, while enabling customers to AIC to have access to many products and banking services, insurance and management Manulife's wealth, "he said in a statement separate the chairman and CEO of Manulife Canada, Paul Rooney.
This subsidiary of the largest insurance company in Canada has received from the China Insurance Regulatory Commission for permission to operate its business in Tianjin, a province south of Beijing and live where 11.8 million people. Manulife-Sinochem, which combines Manulife and China Foreign Economic and Trade Trust & Investment, and may offer its services in 11 Chinese provinces. The joint venture will meet the needs of 450 000 customers using the 11 500 officers and agents.
"While we are leveraging our expertise and products to meet the needs of our Chinese customers on savings, protection and investments, we continue to take note of other excellent opportunities to strengthen our presence," said Friday by press release the president and CEO of Manulife, Donald Guloien. In addition, Manulife also announced Friday it completed the acquisition of the Canadian mutual fund retail AIC. The acquisition brings the total assets managed by Manulife on behalf of Canadians $ 13.9 billion, an increase of 38 percent.
"We now have an opportunity to increase the presence of Manulife's Canadian market for asset management, while enabling customers to AIC to have access to many products and banking services, insurance and management Manulife's wealth, "he said in a statement separate the chairman and CEO of Manulife Canada, Paul Rooney.
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