Manulife Joint Venture Wins 10th License in China

Canada's Manulife Financial Corp. said its life insurance joint venture in China was cleared by regulators to open an office in the city of Shenzhen, the 10th such city license the company gained in the country.

The China Insurance Regulatory Commission approved Manulife-Sinochem Life Insurance Co. Ltd.'s bid to open a sales office in Shenzhen, giving the company a foothold in one of the fastest-growing economic areas in China. "We plan to be operational in Shenzhen, China's wealthiest city by almost every measure, in the first quarter of 2006," Marc Sterling, chairman of Manulife-Sinochem, said in a statement.

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Manulife Joint Venture Wins 10th License in China
Source: A.M. Best