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December 19, 2005 Printer Friendly Version



[B] Manulife-Sinochem begins operations in Jiangsu Province

Olympic sponsor sets up provincial headquarters in Nanjing [/B]


Nanjing, China – Manulife-Sinochem Life Insurance Co. Ltd., a subsidiary of Canadian-based Manulife Financial, the world's fourth largest life insurance company, today officially marked the start of operations in the capital city of Nanjing, Jiangsu – site of the Company's Branch office in the province and ninth operation across China. Manulife-Sinochem is one of the first foreign joint-venture life insurers to gain entry into Jiangsu province.



"We are delighted today to celebrate the official opening of our operation in Nanjing, the economic centre of Jiangsu province," said Marc Sterling, Chairman, Manulife-Sinochem, at the opening ceremony press conference held at Nanjing Shangri-La Hotel. "With a double-digit GDP growth rate that has far outpaced that of China since 2001, Nanjing presents a tremendous opportunity for our company. Having received permission to expand our China operating license earlier this year to include Group Life and Health business, we are now in a position to fully service companies, families and individuals in Nanjing with a wide range of financial and medical products for all stages of life."



In June 2005, Manulife-Sinochem received approval from the China Insurance Regulatory Commission (CIRC) to prepare its operation in Nanjing. The license in November was converted to a province-wide license, permitting Manulife-Sinochem to operate in Nanjing and to establish future offices in cities of its choice throughout Jiangsu province.



"It is our great pleasure to have sustained such strong support from the Chinese government over the years. The government's cooperation has enabled us to rapidly grow our business, helping us to make enormous advancements on our long-term goal of becoming a nationwide insurer in China," added Mr. Sterling. "We anticipate contributing to the growth of Nanjing's booming economy – offering customers our newly expanded portfolio of premium products and services and offering rewarding career opportunities to talented, local people."



Solid management and experience is Company's leading asset

Having experienced rapid economic growth in recent years, Jiangsu Province – that has ranked number one in the country for insurance premiums since 2003 – is an attractive market both from an employer and financial services provider perspective.



"We plan to build on the local team of skilled professionals we have already hired in Nanjing and provide exciting career options across all areas of our business to many more qualified applicants," said James Lin, General Manager, Manulife-Sinochem. "Recently recognized, for the second year in a row, as Shanghai's "Most Trustworthy Company" in the insurance sector, this is a testament to our company's well-earned success and a tribute to the professionalism of our people."



"Well positioned in the competitive markets of Shanghai, Guangzhou and Beijing, we will leverage our nine years experience in the China market to launch a successful operation in Nanjing," said Mr. Lin. "As the Official Life Insurance Partner of the Beijing 2008 Olympic Games, Manulife-Sinochem will incorporate the Olympic ideals, spirit and passion across all facets of its business so as to develop and spread the Olympic spirit to the Nanjing people."



Rapid geographical and product expansion continues

Under the recently lifted geographical restrictions for foreign insurers by the Government, as part of its commitment to the World Trade Organization, Manulife-Sinochem has received a number of new licenses that is permitting the rapid expansion of its business.



In January 2005, CIRC granted Manulife-Sinochem license to significantly enhance its current product portfolio to include Group Life and Health and non-tax benefit Pension business, bringing its business scope in line with that of domestic insurers. In August, Manulife-Sinochem officially launched its Group Life and Health business, offering employee benefit packages to joint-ventures and small-to-medium sized companies in most cities it operates in.



"Manulife has a solid history across the world of providing organizations the products and services they require to attract and retain staff," said Mr. Sterling. "Leveraging this expertise, we were able to swiftly put systems and products in place to be among the first of the foreign joint ventures to offer group insurance to mainlanders."



"Once a number of pension regulations are in place, we will also use this opportunity to increase our presence in the China marketplace," added Mr. Sterling.



At the start of the year, Manulife-Sinochem's Guangzhou Branch license was also converted into a province-wide license for Guangdong, at the time excluding Shenzhen, giving it immediate access to a market almost 80 million strong. Later in September, Manulife-Sinochem received approval from CIRC to open a Sales Office in Shenzhen.



To date in 2005, Manulife-Sinochem has also established operations in Ningbo, Hangzhou, Foshan, Dongguan, Zhongshan and will be opening in early 2006 in Shenzhen and Shaoxing. The Company's near-term national expansion strategy sees offices opening in close proximity to its three major operations in Shanghai, Beijing and Guangzhou.