Manulife-Sinochem To Open New Office In China

Manulife-Sinochem, which started operations in Shanghai five years ago, has an agency force of more than 3,200 agents serving more than 100,000 customers.

The approval of the Guangzhou office by the China Insurance Regulatory Commission is the first step in Manulife-Sinochem’s strategy of becoming a national insurer in China, says Marc Sterling, vice president, regional operations, Asia.

Manulife-Sinochem says it has introduced a number of concepts to the China insurance market, including the concept of a profit-sharing life insurance policy, the concept of family medical insurance, and a program that combines family protection, retirement savings and wealth accumulation in a single policy.