Manulife Financial released a statement to emphasize that it is committed to operational growth in China amidst local media reports that show some foreign insurance companies may be planning to scale back operations in the PRC. Manulife Financial continues to focus its strong operational growth in China through its Manulife-Sinochem Life Insurance Co. Ltd. partnership, which is currently licensed in 36 cities across 10 provinces in China.
The Manulife-Sinochem partnership has more than 11,000 professionally trained staff and agents serving more than 450,000 customers.
Manulife also confirmed that its subsidiary, John Hancock International, has recently gained regulatory approval in China for the sale of its 50% stake in John Hancock Tianan Life Insurance, an asset acquired with the 2004 merger with U.S.-based John Hancock. The completion of this non-material transaction achieves Manulife's long-held intention to focus on its original partnership with Manulife-Sinochem.
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