On April 9, Manulife Ningbo branch in which Sinochem holds equity formally opened, which is the third branch of Manulife in mainland China since the launch of Guangzhou branch in 2002 and Beijing branch in 2004. Hence Manulife becomes the first China-foreign insurance joint venture in Zhejiang province.
Approved by CISC, Manulife expanded business scope to cover group life insurance, health insurance and pension services in mainland China.
As the earliest China-foreign insurance joint venture in China, in the past more than 9 years Manulife built a solid foundation for its rapid growth. At the end of last year, it was approved by the CISC to provide insurance services in other Chinese cities and plans to cover most Chinese cities including Ningbo in the next three years. On March 22, Manulife received the business license of Foshan, Guangdong province and its local rep office will formally operate in May this year. Meanwhile, it was also approved to extend business throughout Guangdong province, making it one of the earliest insurance joint venture of the province (except Shenzhen).